Nordea AM to wind down emerging markets debt team

Outsourcing to external manager

Nordea Asset Management is set to outsource the portfolio management of its emerging markets debt funds to an external asset manager and wind down the team.

The team, led by Thede Ruest, manages strategies such as the £901m Emerging Stars Bond fund and the Emerging Market Bond fund, which holds £419m in assets as of 31 December.  Amundi's Elmgreen returns to Nordea AM in fixed income and equities CIO role "Nordea Asset Management's emerging market debt strategies have throughout many years achieved solid long-term investment performance through in-house management," a spokesperson at the firm said.  "Despite a long-term perspective and the launch of our first in-house EMD strategy more than a decade ago, broader market factors have res...