Tundra Fonder, a Sweden- based fund manager, is planning to open a research office in Karachi in the first quarter of this year.

The new office, which will initially have three employees, will be led by Shamoon Tariq and will offer close proximity to its key markets.

The new office will support Tundra’s business objectives with particular focus in the frontier markets of Bangladesh, Sri Lanka and Vietnam, while the analyst team will provide deeper and broader insight into listed companies in Pakistan, which accounts for some 45% of the MSCI Frontier Asia Index.

Prior to this, Tariq has previously worked at Optimus Capital Management, Askari Investment Management, and National Fullerton Asset Management, all in Pakistan.

Mattias Martinsson, CIO at Tundra Fonder, said: "With a research office in Karachi we are taking another step to deepen our commitment in frontier markets. The choice of location is logical.

"After two years of working with Pakistan we have built up local market knowledge and a strong local network. If we then add the synergies we see with our other markets, we are now ready to deepen our commitment with a local presence and our own staff in place.

"We see the importance of being local, and connecting with local companies. Having research resources based in Pakistan will offer significant advantages such as "being able to meet companies on a more frequent and regular basis," added Martinsson.