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Nomura selects Wells Fargo to sub-advise USD1bn emerging markets fund


Wells Capital Management has been selected by Nomura Asset Management to manage the new Emerging Markets Consumer Stock Fund.

Wells Capital Management has been selected by Nomura Asset Management to manage the new Emerging Markets Consumer Stock Fund.

The fund was launched in Japan on 24 July and total assets exceed USD1bn, with strong subscriptions adding to the initial launch size of USD740m. The fund is distributed in Japan by Nomura Securities.

Wells Capital Management-an investment affiliate in Wells Fargo’s Asset Management Group-is sub-advising the fund, with the emerging markets team at the helm. The team is headed by senior portfolio manager Anthony Cragg and includes eight other team members. The team manages USD1.8bn in assets across a variety of emerging-markets strategies.

The fund seeks to invest in stocks that benefit from increased domestic demand rather than relying on companies driven by strong exports, which has been the more traditional approach to emerging-markets investing. The fund focuses on the increased purchasing power of global emerging-market consumers, whose heightened standards of living may result in higher consumption.

‘Nomura rolled out the fund just at the time that Japanese investors are again getting focused on the growth prospects in emerging markets, and we’re pleased that they selected Wells Fargo after many months of intensive due diligence,’ says Michael Niedermeyer, head of Wells Fargo’s asset management group. ‘This new investment strategy leverages the time-tested investment process that the team has followed for 17 years.’

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