US investment giant Conning has taken a 45% in Danish emerging markets specialist Global Evolution, which is home to one of the best-performing EMD managers in the Citywire database.
The deal will see Conning, which oversees $120 billion in assets globally, act as a strategic partner for the Kolding-based company, with Global Evolution retaining its independence.
Morten Bugge, CEO of Global Evolution, was recognised in recent Citywire Selector analysis as one of the three most consistent emerging market hard currency debt managers of the past five years.
Bugge, along with Global Evolution’s CIO, Søren Rump, will remain in place following the completion of the deal, which is expected to close in early 2018 subject to customary regulatory approvals.
Conning said the investment in the company, which covers both emerging and frontier market debt funds, will allow it to accelerate its own international reach, while giving Global Evolution access to its wide-ranging distribution channels.