US investment firm Harding Loevner has added a co-lead to the frontier markets fund overseen by Citywire A-rated Pradipta Chakrabortty, Citywire Selector has learned.
This move sees analyst Babatunde Ojo named alongside Chakrabortty on the Dublin-domiciled Harding Loevner Frontier Markets Equity fund. The pair also work on the US-domiciled Harding Loevner Frontier Emerging Markets Equity Portfolio fund.
The addition of Ojo shows a strengthening of frontier market operations at a time when other firms are either closing or altering their frontier-focused approaches, with both Investec and RenAsset last week announcing significant changes in this area.
In his new capacity, Ojo will work alongside Chakrabortty on the $7.5 million fund, which Chakrabortty had been the sole lead on since it was launched as a Ucits-compliant fund in September 2012.
Ojo joined the firm in 2012 as an analyst for the frontier emerging markets fund, having previously worked as a global research analyst at American Century.
According to third quarter filing for the US-domiciled Frontier Markets Equity Portfolio, which was launched in 2008, the strategy as a whole had over $500 million in assets under management. The company as a whole oversees $37 billion.
The Harding Loevner Frontier Markets Equity fund returned 3.36% over the three years to the end of December in US dollar terms. This is while the MSCI Frontier Markets TR USD fell 7.7% over the same period.