Ashmore Investment Management

Ashmore’s Emerging Markets All Cap team is led by Dhiren Shah, who has over 20 years’ investment experience.

He’s supported by co-portfolio managers Patrick Cadell and Edward Evans; both have worked closely with Shah since the strategy’s inception. Cadell has over 20 years of investment experience, and Patrick has over 15 years; they have spent most of that time within Emerging Market (EM) equities.

The portfolio managers are further supported by three dedicated analysts. They also leverage Ashmore’s broader investment platform, which encompasses research from approximately 100 analysts and investment professionals across Emerging Markets.

Ashmore Emerging Markets Equity Fund

Why PAN-Tribal Selected Ashmore

With its sole focus on Emerging Markets and one of the longest and most successful track records in this asset class, Ashmore has several  distinguishing features relative to its peers:

Long-standing presence and dedication to EM

As one of the largest specialist EM managers, the firm’s size encourages contact from key EM participants. Ashmore’s CEO is a founding member of the Emerging Markets Trade Association, which has helped shape the investment universe.

A time-tested philosophy and process

Ashmore’s overarching investment philosophy and process have been unchanged since the firm’s foundation. They have withstood the test of time, and challenges such as the EM debt crises of the mid and late-1990s, which have been rich in critical teachings.

Extensive EM relationships

Over three decades, Ashmore’s employees have established extensive relationships across the emerging world, which provides the firm with great insights into local economic and business developments.

Global resources and local expertise

Ashmore has an experienced and extensive global team of investment professionals; this enables wide coverage of the EM universe of close to 60 countries. There is a strong local presence within Emerging Markets, specifically in Colombia, India, Indonesia, Mexico, Peru, Qatar, Saudi Arabia and the UAE.

Key Investment Professionals

Dhiren Shah Ashmore Investment Management

Dhiren Shah

Portfolio Manager

Dhiren joined Ashmore in 2017 and leads the firm’s Emerging Markets Equity and Emerging Markets Small Cap strategies. He also serves as the lead portfolio manager of the Ashmore Emerging Markets Equity Fund. Before joining Ashmore, he spent 16 years at Merrill Lynch Investment Managers (now BlackRock), where he managed a variety of Emerging Markets equity portfolios for both retail and institutional clients. Dhiren holds a CFA charter and earned a first-class degree in Economics from University College London.

Edward-Evans-Ashmore Investment Management

Edward Evans

Portfolio Manager

Edward joined Ashmore in 2017 and is a portfolio manager of the Ashmore Emerging Markets Equity Fund. He previously held roles in Emerging Markets equities at Schroders, ABN AMRO Asset Management and JPMorgan Asset Management. Edward is a CFA Charterholder and holds a BA (Hons) in Economics, French, and Business Management from Durham University.

Patrick Caddell Ashmore Investment Management

Patrick Cadell

Portfolio Manager

Patrick joined Ashmore in 2017 and is a portfolio manager of the Ashmore Emerging Markets Equity Fund. He began his career at J.P. Morgan Cazenove in Corporate Finance before moving into Emerging Markets equity roles at Nevsky Capital, Thames River Capital, Foreign and Colonial and Liontrust. Patrick holds a first-class BSc in Economics from University College London.

Ben Akrigg Ashmore Investment Management

Ben Akrigg

Investment Analyst

Ben joined Ashmore in December 2017 from BMO Global Asset Management, where he was a portfolio manager for Asia Pacific and Global Equities. He previously held similar roles at Morley Fund Management and Norwich Union, focusing on Asia Pacific ex-Japan Equities. Ben holds a BSc (Hons) in Economics from the University of Warwick.

Ke Li Ashmore Investment Management

Ke Li

Investment Analyst

Ke joined Ashmore in April 2018 from Exane BNP Paribas in London, where he was an equity research analyst. He previously held analyst roles at Exane Asset Management, LCF Rothschild, and Laub Investment Management. Ke is a CFA Charterholder and holds an MSc in Management from HEC Paris, along with degrees in Economics and French from Wuhan University and Université d’Auvergne, France.

Aaron Armstrong Ashmore Investment Management

Aaron Armstrong

Investment Analyst

Aaron joined Ashmore in September 2020 from Aviva Investors, where he was a portfolio manager. Prior roles include senior investment analyst at Alquity Investment Management. Aaron holds a BSc. in Economics from the University of Bath and the Investment Management Certificate.

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