In order to appeal to a wider investor audient, Ashmore Investment Management has brought its Turkish equity strategy to Luxembourg. This comes as the team has just gained their ten year track record.
An open-ended vehicle, the Ashmore Sicav Turkish Fund is primarily invested in Turkish equities, and equity related instruments issued by corporates and quasi-sovereigns. Global head of distribution said this move was an important one in terms of the company’s wider distribution efforts. Hoffman said this was an on-going effort, with Ashmore currently having 21 Luxembourg domiciled products.
Since the start of the year the Turkish Lira has fallen 14% and the stock market is down more than 25% is the same period. Hoffman said Ashmore did not launch the fund because they thought the market was ideal at the time, rather to do something new.
Ashmore’s investment committee will continue to manage the strategy from the ground in Istanbul, using the same bottom-up stock picking process.
SOURCE: International Advisor 16/09/2013