Barings' Rory Landman is to join Thames River Capital to run its forthcoming Emerging Europe fund al...
Barings' Rory Landman is to join Thames River Capital to run its forthcoming Emerging Europe fund alongside his former colleague Martin Taylor, writes James Thorneley.
Last week Landman resigned as head of global emerging markets at Baring Asset Management (BAM). His resignation follows that of Taylor who departed for Thames River in June. Jonathan Hughes-Morgan, director at Thames River, said the recruitment of Landman complemented Taylor's appointment. He added: "Martin and Rory managed Baring Emerg-ing Europe investment trust together. When running the trust, Rory was the expert in Russian equities."
Thames River plans to launch its Emerging Europe fund in October. The vehicle will be a sub-fund of the group's Dublin-based Oeic. The umbrella already has two funds within it, a European equities fund managed by Tony Zucker and a high income fund run by Michael Mabbutt.
As well as investing in Eastern Europe and Russia the new fund will be able to invest in Greece and Turkey. Landman and Taylor run funds on an absolute basis. For example, if they are very bearish on a particular market they will not have a position in it just to keep in line with the index.
Hughes-Morgan believes Eastern Europe and Russia present a good investment opportunity on four to five year view.
He said: "Markets in Eastern Europe and Russia are developing and represent very good value. The Russian market has one of the lowest P/Es in the world. This is because there is a high level of risk when investing in the market, but we believe with President Putin's appointment and the reforms he wants to implement, this risk is overstated."
He added the region, particularly markets such as Poland, should benefit from greater convergence with the EU. He pointed out that GDP per capita in Eastern Europe was about $4,500 while in the EU it is $22,500. As well as running the fund Taylor and Landman will manage a hedge fund invested in Emerging Europe.
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