Ashmore buys emerging markets specialist

PayingLondon-based emerging markets investor Ashmore has acquired a majority stake in Emerging Markets Management, a specialist equity investor with $9.7bn (€6.7bn) under management. The deal to buy the firm, which has about 70 staff, is worth $246bn (€171bn). It will bolster Ashmore's equity investment service, which it offers alongside emerging market debt, local currency and real estate investing. The firm currently manages $50bn (€35bn) across these strategies. Ashmore chief executive officer, Mark Coombs, said investors in the newly acquired company recognised the “compelling strategic fit between the two firms”. Emerging Markets Management is based in Washington DC, with offices in Mumbai and Istanbul. ©2011 funds europe

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