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SLI launches second global EMD fund

SLI launches second global EMD fund

Standard Life Investments (SLI) has launched a second global emerging market debt fund for its recently formed EMD team.

The latest fund will be run by Kieran Curtis, who joined the group from Aviva earlier this year, and will initially be available to investors in Switzerland, UK, The Netherlands and Luxembourg. The group said it would be registered in further European countries 'in due course.'

The Edinburgh-based group has been actively building its emerging market bond desk over the past few months since launching the team in April 2012.

Curtis was the fourth manager to be recruited to the desk which is headed up by Richard House (pictured), who himself joined from Threadneedle early last year.

SLI's head of multi-asset investing & fixed income Euan Munro said that despite recent volatility in the sector the outlook for the asset class looked comparatively healthier than the developed world over the long term.

'Fiscal deficits are significantly lower than in the developed world, and with high growth rates, the debt to GDP ratios are typically low or falling.'

'But this strong fundamental backdrop has not been fully priced in so on valuation grounds, emerging market economies are relatively cheap, presenting investors with opportunities for capital appreciation.'

Munro said the new fund would have an active currency overlay to take advantage of improving credit ratings, but he acknowledged that some EM currencies had struggled over in recent weeks against a resurgent US dollar.

'We recognise that the fundamental backdrop of some countries has deteriorated; therefore investors need to be discerning when they think about emerging markets which ties into our active approach to EMD portfolio management.'

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Kieran Curtis
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56/102 in Bonds - Emerging Markets Global Local Currency (Performance over 3 years) Average Total Return: -24.23%
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9/122 in Bonds - Emerging Markets Global Hard Currency (Performance over 3 years) Average Total Return: 3.05%
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