UK - Nomura Asset Management is set to launch a new global emerging markets equities commingled fund for institutional investors at end October.
The fund will be a Dublin-based umbrella investment company (UCITS III) benchmarked against the MSCI Emerging Markets Index, and the minimum subscription will be US$3m per investor.
Nomura said it would manage the Asian emerging markets regional component and the overall strategy, but has selected two specialist external managers - Charlemagne Capital and Gartmore Investment Management - to manage the Europe, Middle East and Africa region and Latin American region respectively.
Mark Roxburgh, head of marketing and client service in London for Nomura, said research on both European and US pension funds showed there was "considerable appeal" to the idea of three specialist managers each adopting a regionally focused approach, but operating under one overall strategy.
"Pension funds have told us it is a logical approach that unites the depth of focus that can come from having a proven capability in a particular region, rather than trying to cover all 27 countries in the benchmark," he said.
The objective of the fund will be to achieve long term capital growth through investment in an actively managed portfolio of global emerging market securities.
The expected annualised active return is 3% per annum over three years, with a tracking error of between 3% and 10%.
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