BNY Mellon has launched the BNY Mellon Emerging Markets Corporate Debt fund, a Dublin-domiciled UCITS, and is to be managed by Insight Investment. Colm McDonagh (pictured), who heads up the Insight emerging market debt team, is portfolio manager. The fund will, in the main, hold corporate bonds and related derivatives issued by companies operating in global emerging markets. McDonagh said that emerging market countries are likely to represent 50 per cent of the world’s GDP in 10 years and that future economic growth is expected to be driven from such regions. “Emerging market corporates have always been part of our investment opportunity, however the asset class has gained significant depth over recent years,” said McDonagh. BNY Mellon Asset Management International CEO Alan Mearns added: “We believe that the emerging market corporate debt asset class is the next significant ‘structural’ component within the emerging market universe. The addition of this fund to our range to sit alongside the highly regarded BNY Mellon Emerging Markets Debt Local Currency fund underlines our commitment to being a leader in providing emerging market debt products in Europe.”