Overview
– Advisory Business Overview
Ashmore Investment Management Limited (“AIML” or the “Adviser”) is an
investment advisory firm focused on investing in Emerging Markets
investments for institutional investors.
AIML is 100% owned by Ashmore Investments (UK) Limited. Ashmore
Investments (UK) Limited is 100% owned by Ashmore Group plc (“Ashmore
Group”).
Ashmore Group is a public company domiciled in England and listed on the
London Stock Exchange.
Mark Coombs, is a director and Chief Executive Officer of AIML, and Chief
Executive Officer of Ashmore Group plc. Mr Coombs indirectly owns more
than 25% of AIML through his ownership interest in Ashmore Group plc.
Ashmore Group is a manager of Emerging Markets assets. The firm was
founded in 1992 as a division of the Australia and New Zealand Banking Group
(“ANZ”), and subsequently incorporated by ANZ in 1997 under the name ANZ
Emerging Markets Fund Management Limited (“EMFM”). A senior
management buy-out of this business completed in February 1999 and EMFM
was renamed Ashmore Investment Management Limited (“AIML”). See Item 10
“Other Financial Industry Activities and Affiliations” section of this Brochure.
AIML has been an SEC registered investment advisory firm since 1997.
As of June 30, 2023, AIML had US$ 49.4 billion discretionary assets under
management and Ashmore Group plc’s group wide assets were US$55.9
billion.
In brief
Who are AIML’s
principal owners?
5
AIML specialises in Emerging Markets1 investment themes. It invests client
assets across a universe of approximately 60 Emerging and Frontier2 Markets
countries in both debt and equity instruments including, but not limited to the
below:
▪ Sovereign/quasi-sovereign/corporate instruments
▪ US$/local currency denominated securities
▪ Publicly listed/private instruments
▪ Derivatives such as total return swaps, forwards etc. for hedging and
efficient portfolio management
Each strategy is implemented in-line with the established offering documents,
investment guidelines and restrictions, and required regulatory limits as
applicable for each respective fund and account. Adherence to relevant
guidelines and restrictions is the responsibility of the designated Ashmore
Investment Personnel and is monitored by the Compliance Department.
Where does AIML
invest client
assets?
1 Emerging Market Country means any country included
by the International
Monetary Fund in its list of Emerging and Developing Economies, any country
which is considered a low-income, lower-middle-income, or upper-middle-income
economy by the World Bank, and all countries represented in any widely-
recognized index of emerging market securities (e.g., the relevant indices in the
family of J.P. Morgan Corporate Emerging Markets Bond Index, J.P. Morgan
Emerging Local Markets Index, J.P. Morgan Emerging Markets Bond Index, J.P.
Morgan Government Bond Index – Emerging Markets and MSCI Emerging and
Frontier Markets Index).
2 Frontier market countries are emerging market countries, but generally have
smaller economies or less mature capital markets than more developed emerging
markets, and, as a result, the risks of investing in emerging market countries are
magnified in frontier countries.
AIML currently offers its services through private pooled investment vehicles
(“Funds”), separately managed accounts (“SMAs”), and mutual funds
registered under the U.S. Investment Company Act of 1940 (“1940 Act
Funds”), collectively “Funds and Accounts”.
Ashmore’s Funds and Accounts are collectively “Clients”.
As it pertains to the management of private pooled investment funds, Ashmore
invests certain client assets, where appropriate, to makes it easier to invest in
certain Emerging Markets and market sectors where it can be difficult to get
custody or liquidity.
Why does AIML
invest client assets
in private
investment funds,
and who manages
those funds?
Unless AIML specifically agrees to the contrary with a particular client, AIML
will assume discretionary responsibility for the day-to-day investment of each
client’s account. If a Client has an SMA with AIML, the Adviser can help the
Client define the investment objectives for the account by explaining risk and
return parameters and, if requested, evaluate the proposed account structure
in relation to other, existing holdings. An SMA client may also impose
restrictions on investing in certain securities or types of securities for their
account. AIML will then select the markets, sectors and individual securities
that are believed to be most consistent with your account’s investment
objectives and restrictions. Private pooled investments funds are subject to
the investment restrictions disclosed in the relevant offering document.
Customized
account services