Investment Management

Under the terms of the Investment Management Agreement, the Company has appointed Advance Emerging Capital Limited ("AEC"), who are authorised and regulated by the FSA, to manage its assets.  AEC is appointed under a contract subject to twelve months’ notice and is entitled to remuneration comprised of a basic fee and in certain circumstances a performance fee.  AEC receives a basic management fee payable by the Company monthly in arrears equal to one twelfth of 1.25 per cent. of the lower of Market Capitalisation and Net Asset Value.  AEC may receive, in addition to the basic fee, a performance fee in respect of each Performance Period equal to a percentage (set forth below) of the excess of the Net Asset Value per Share over the Target Net Asset Value per Share. Any such fee is paid annually in arrears out of the assets of the Company.  A Performance Period is a period in respect of which the Company produces audited accounts and, if different, the final period for which the management agreement subsists.Further detail on the terms of the investment management agreement is contained in the Admission Document.  Please click here to view the Admission Document.

 

AEC was incorporated in 1996 and is authorised and regulated by the FSA. AEC has managed specialist Emerging Market fund of fund portfolios since 1998. The assets under its management are predominantly managed on behalf of an institutional client base, both UK and overseas, including pension funds, insurance companies, family offices, charities and private client investment managers. The individuals at the Investment Manager who are involved with the management of the Company’s assets are as follows:

Dr. Slim Feriani, CIO & CEO, joined Advance Emerging Capital in February 2005 from Martin Currie Investment Management Limited, where he was a director and senior portfolio manager for the long only global emerging markets portfolios, hedge fund products in Asia, institutional portfolios in the Global Products Group and Global Commodities sector. Before that he worked as a senior investment analyst on the Middle East and North Africa regions within Emerging Markets Group at Nomura International in London. Slim completed an MBA in Finance & Investments in 1989 and a Ph.D. on the same subject in 1995, both at The George Washington University where, between1989 and 1996 he taught as Professor of Finance and International Finance. He is fluent in English, French and Arabic.

Bernard Moody, Investment Director, joined Advance Emerging Capital in August 2006. Prior to this he was at Sarasin Investment Management, where he managed Asian and Emerging Market portfolios worth over $1billion. Two of the funds he was responsible for carried ‘A’ ratings from S&P Fund Research. Between 1997 and 1999 he worked in the Investment Management Research Unit at the actuarial consultants Bacon & Woodrow. Bernard graduated from University College Dublin with a BComm specialising in Banking and Finance before gaining an MSC in Finance from the Queen’s University of Belfast.

Andrew Lister, Senior Investment Manager, joined Advance Emerging Capital in 2000 as an investment assistant with responsibility for fund analysis and performance attribution. He moved into a fund management role in October 2003 and is now responsible for African and Latin American regions and investments. He completed the Investment Management Certificate in February 2001 and qualified as a technical analyst in 2005. Andrew graduated from the University of Exeter with a BA in Geography.

Viktor Broczko, Investment Manager, joined Advance Emerging Capital as a research assistant early in 2002 and completed the Investment Management Certificate in July 2003. In October 2003, he became an investment assistant. He speaks fluent Hungarian, German and Russian. Viktor is responsible for monitoring Middle East and Eastern European markets and investments. He holds a BA in Economics from Greenwich University and a MSC in Information Systems from the London School of Economics

Samir Shah, Senior Investment Analyst, joined Advance Emerging Capital in April 2011 as a senior investment analyst. Prior to this he covered the Financial sector as a sell side analyst for over 10 years and was ranked by both Extel and Institutional Investor. He began his analytical career with Credit Suisse covering the Banks and Diversified Financial sector and was most latterly at Matrix Group specialising in Investment Funds. He is also a qualified chartered accountant and CFA charterholder, both of which were earned while working in the Banking division of KPMG.

Christopher Brader, Investment Consultant, has 35 years of investment experience in Emerging Markets with 15 of those spent working in investment funds. He joined Advance Emerging Capital in 2002 and is responsible for Asian investments and macro coverage. He was previously at ING Barings Securities Ltd., where he ran the emerging markets closed end fund team, encompassing research, sales, trading and corporate finance functions. Prior to that he spent 10 years at Cazenove & Co. in Hong Kong and Japan.

Nigel Wilson, Senior Advisor, was the founder member of the team, and Managing Director of the group from its inception in 1997 to 2006, when he took on the title of Executive Chairman. Between 1992 and 1997, he was the Chief Investment Officer and head of the Investment Unit at the Bank Of England with responsibility for £5.25 billion of assets under management. In that capacity he was responsible for asset allocation, portfolio strategy and management of funds, including staff pension funds. Previous to this he spent 15 years at the Unilever Pension Fund. He has over 35 years experience in investment management, 18 of those in emerging markets. Nigel has a BA in History from Oxford University.

Information on Advance Emerging Capital can be found on www.advance-emerging.com.