UK - Nomura Asset Management has launched a global emerging markets long only strategy for institutional clients.
Nomura will manage the Asian emerging markets as well as the overall strategy, but opted to select two specialist external managers in order to boost its appeal, said marketing head and client services Mark Roxburgh.
“Research in both Europe and the US amongst pension funds has shown there is considerable appeal to the idea of three specialist managers, each adopting a regionally focused approach, but operating under one overall strategy,” he said.
“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.”
Charlemagne Capital is set to manage the Europe, Middle East and Africa region, and Gartmore Investment Management the Latin American region.
“The managers are essentially stock pickers and, as this is the biggest area for alpha generation, it is where we expect to see most of the added value coming from.”
Nomura would not look to add value is in the three regional allocations, would be neutral to the benchmark and only re-balance if the deviation exceeded a predetermined level, he concluded.
“This is simply a ‘stick to what you do best’ decision and strategy”.
By Damian Clarkson
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