UK’s Ashmore wins approval to market funds in US

* To offer five emerging market mutual funds in U.S.

* Sees growing U.S. demand for emerging market strategies

LONDON, Dec 16 (BestGrowthStock) – Emerging market specialist
Ashmore Investment Management (ASHM.L: ) has won U.S. regulatory
approval to market five funds in the United States, aiding
efforts to broaden its global client base.

The five funds will invest in local currencies, as well as
sovereign and corporate emerging market debt, the British
investment manager said on Thursday.

“There is growing demand among U.S. investors for emerging
markets exposure with a clear trend towards the need for daily
liquidity and transparency,” Christoph Hofmann, Ashmore’s global
head of distribution, said in a statement.

Ashmore’s funds are registered with the U.S. Securities and
Exchange Commission (SEC) and will initially be available
through an institutional share class.

Next year, Ashmore plans to offer additional retail share
classes, subject to further regulatory approvals, extending
access to retail investors and high-net-worth individuals
through private banks and broker/dealers.

The company wants to broaden its client base and to grow
the high-net-worth and retail business in particular, Ashmore
Chief Executive Mark Coombs said. “Our entry in to the broader
U.S. investment market furthers this goal,” he said.

The five funds to be offered in the U.S are the Ashmore
Emerging Markets Corporate Debt Fund, Ashmore Emerging Markets
Local Currency Fund, Ashmore Emerging Markets Local Currency
Bond Fund, Ashmore Emerging Markets Sovereign Debt Fund and the
Ashmore Emerging Markets Total Return Fund.

Ashmore focuses on six investment themes: external debt,
local currency, equity, corporate debt, special situations
(including distressed debt and private equity), and real estate.
The company managed about $41.6 billion across its six
investment themes at Sept. 30.
(Reporting by Sinead Cruise. Editing by Jane Merriman)

UK’s Ashmore wins approval to market funds in US