The firm’s emerging markets debt team, lead by Brett Diment, will manage the fund. The fund seeks to provide long-term total returns by investing two-thirds of the fund’s portfolio in securities denominated in local currencies of emerging markets.
“Looking beyond short-term sentiment, the structural case for greater allocations into emerging markets will remain intact, supported by a still healthy growth outlook and more favorable fiscal positions and lower debt levels than developed world countries,” Diment said. “Emerging market debt should also benefit from improving credit fundamentals, enhancing what is now an investment-grade asset class.”