Ashmore Investment Management

Based in London, Ashmore was founded in 1992 as part of the Australia and New Zealand Banking Group. In 1999, Ashmore became independent and is today a specialist Emerging Markets investment manager, managing in excess of USD 50 billion in pooled funds, segregated accounts, and structured products.

Ashmore’s portfolio management and research team has developed an investment approach based on over two decades of Emerging Markets experience. The firm offers a number of investment themes including Government Debt, Corporate Debt, Blended Debt, Equities, Alternatives, Overlay/Liquidity and Multi-Asset.

Testament to Ashmore’s success is the confidence it has earned from central banks, governments, corporate pension funds, institutions, and high net worth individuals, who have demonstrated this by investing with Ashmore.

Ashmore Emerging Markets Blended Debt Fund
Ashmore Emerging Markets Equity Fund

View AEMBDF View AEMEF

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 - Ashmore Emerging Markets Blended Debt Fund

Xin Xu

Head of External Debt and a member of the Fixed Income Investment Committee

Xin joined Ashmore in 2008 after 2 years at JPMorgan’s investment bank in London, where he was an Asian Product Manager in the Global Emerging Markets group, focusing on designing, managing and distributing Asia (ex Japan) local rates and FX products to institutional clients in Europe and the US. He holds a Master’s degree in Finance from EDHEC Business School in France.

Robin Forrest

Head of Corporate Debt and a member of the Fixed Income Investment Committee

Robin joined Ashmore in 2006 after 13 years at JP Morgan where he was Vice President – Situational Finance, with a focus on credit intensive corporate situations in CEEMEA geographies. Prior to this, he had broad experience across capital markets in origination, structuring, execution, syndication, risk management and credit within loan and high-yield markets and in Emerging Markets. Robin has a BA (Hons) in Russian & French from the University of Oxford.

Cemil Urganci

Head of Local Currency and a member of the Fixed Income Investment Committee

Cemil joined Ashmore in 2006 after 8 years at HSBC. Cemil has experience in Emerging Markets portfolio management and market making, including local currency and external debt, interest rate and currency derivatives. He started his career at HSBC Bank AS Istanbul/Turkey in 1997 and worked in HSBC Bank London between 2004 and 2006. Cemil has a BSc degree in Industrial Engineering from Bogazici University.

Alexis de Mones

Portfolio Manager

Alexis joined Ashmore’s fixed income team in 2012. Alexis started his career in 1997 at Morgan Stanley as an Emerging Markets sovereign credit analyst covering EMEA. In this capacity Alexis notably advised Middle Eastern and Central Asian sovereigns and corporates on their credit ratings and access to the capital markets. From 2002 onwards, Alexis managed Emerging Markets and Global fixed income portfolios at Morgan Stanley, ABN Amro and BlackRock where he was lead investment strategist for the Global Bonds product. Alexis holds a Master’s in Public Policy from Harvard University and an Honours Degree in Business from EDHEC in France.

Key Investment Professionals - Ashmore Emerging Markets Equity Fund

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

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 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

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

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

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.

The following information has been prepared by PAN-Tribal Asset Management for use by Sophisticated Investors / Wholesale Clients and Investment Professionals only. No account has been taken of the investment objectives, financial situation or particular needs of any particular person. Information is provided for general information purposes only and does not contain investment recommendations nor provide investment advice, nor is it intended to take the place of professional advice. Investors should not take action in reliance on information contained on this website.

Past performance information provided on this website is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. None of PAN-Tribal, its related bodies or associates, nor any other person, guarantees the repayment of capital or the performance of the Fund(s) or any particular returns from the Fund(s). No representation or warranty is made concerning the accuracy or reliability of any information contained on this website, nor liability accepted to any person who relies on it.

I have read the important information above and confirm that I am a Sophisticated Investor / Wholesale Client (as defined under the Corporations Act) and/or Investment Professional and that I wish to proceed.

Ashmore Emerging Markets Blended Debt Fund

Ashmore Emerging Markets Equity Fund

Why PAN-Tribal Selected Ashmore

Long-standing presence and dedication to EM

A time-tested philosophy and process

Extensive EM relationships

Global resources and local expertise

Key Investment Professionals - Ashmore Emerging Markets Blended Debt Fund

Xin Xu

Robin Forrest

Cemil Urganci

Alexis de Mones

Key Investment Professionals - Ashmore Emerging Markets Equity Fund

Dhiren Shah

Edward Evans

Patrick Cadell

Ben Akrigg

Ke Li

Aaron Armstrong

Insights

Emerging Markets Manager of the Year | UK Pensions Awards 2026

CPD | Diversifying portfolios with Emerging Market debt

FMOTY Finalist – Ashmore Emerging Markets Equity Fund

CPD: The investment potential in Emerging Market equities

EM assets during easing cycles

CPD: A multi-year tailwind for EM assets

CPD: Emerging Markets equity – powering the AI revolution

CPD: Comparing the role of Emerging Market equities with World Small Cap equities

Unifying excellence in asset management