SEI Investments has granted a US$220 million (£133 million) emerging market debt mandate to Neuberger Berman replacing Ashmore Investment Management on the mandate.
Neuberger Berman will work alongside Investec and Stone Harbor Investment Partners to manage the fund.
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The mandate, which is part of the group’s £1 billion strategic portfolios range, will be run by the EMD team that Neuberger has poached from ING last year.
Jason Collins, head of the UK investment management unit at SEI said: "The senior leaders of the team average 15 years of investment experience and have worked through some of the most unique and volatile periods in EM currency markets.
"Moreover, the team’s global presence enables them to obtain superior country and credit insight, perform more frequent country visits, and engage in around-the-clock portfolio management and timely execution," he added.
Dik van Lomwel, head of EMEA and Latin America at Neuberger Berman said: "With bases in the US, Europe and Asia, our dedicated EMD team is well placed to build portfolios that have the opportunity to generate excess returns from a broad set of alpha sources, and we welcome the chance to work with a global multi-manager as well respected as SEI."
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