London-based Thames River's highly successful Nevsky team is to launch two new Global Emerging Market Funds. The team has been strengthened for this launch by the recruitment of an additional five managers and analysts.
Asian and Latin American specialists have been added to the existing five strong Emerging European team. The new hires include: Howard Thomas, Asia Fund Manager from Singer & Friedlander; Katie Blacklock, LatAm Fund Manager from American Express; KC Reddy, India and Tech Fund Manager from Credit Agricole; Henry Cobbe, Emerging Analyst from Schroders; and James Mellersh, Banking Analyst from Rourke Capital.
The new funds will take the best ideas from the three regions (Asia, LatAm, Emerging Europe) with Rory Landman and Martin Taylor providing a macro overlay which will determine the shape of the portfolio at any one time.
Mr Landman said: "Global Emerging Markets offer the prospects of higher growth than developed markets, with a reducing cost of capital as China drives Asian growth, Emerging Europe converges and LatAm recovers. Together with relatively low valuations and undervalued currencies, investment opportunities are looking very attractive."
Mr Landman & Mr Taylor have considerable experience managing portfolios with an absolute return perspective and have always had a strong global thematic bias.
The team's Nevsky Fund, which is closed to new investments, had another successful year with performance as follows: 2002, 29.73 per cent; 2001, 28.67per cent.
Charlie Porter said: "We have a team with excellent track records and extensive experience at both regional and global levels, which can take advantage of these opportunities. The Emerging arena is wonderfully inefficient with very few skilled players - the ideal environment to generate superior returns provided you do not take too many assets on board."
Background Note: Thames River Capital was established in August 1998 and currently manages US$1.9 billion with 51 staff (including 19 fund managers). Funds under management grew by 42 per cent in 2002.