Emerging markets fund specialist Ashmore Investment Management is expanding its global footprint by opening offices in China and Japan and potentially in Russia.
A source close to Ashmore said it was already recruiting for an operation in China, along with a sales office in Japan. A formal presence in Russia is expected to take shape at the end of this year or early in 2010, added the source.
Ashmore, which manages about $25bn, last year opened operations in Brazil and Turkey in a bid to increase its local presence in emerging markets, to raise more capital and to add more country focused funds. In 2007, Ashmore entered into a joint venture with private equity firm Alchemy Partners to invest in distressed debt and special opportunities in India.
Jerome Booth, head of research at Ashmore, declined to comment on specific geographical expansion plans. In an interview with Financial News, he said: “Our overall objective is underpinned on the need to grow and so far a lot of that has been organic in Brazil, Turkey and India. It’s a natural extension to build on further.”
Ashmore, which has traditionally raised most of its capital from US and European institutional investors, is attempting to raise money in emerging markets. Booth added: “We already manage money for central banks and sovereign wealth funds but eventually hope to have manage funds for small investors in emerging markets.”
Booth said the group had already succeeded in its primary goal of convincing US pension funds to be make significant allocations to emerging market devt. Overall, Booth said Western fund said be allocating 35-50% to emerging market investment classes.
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