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:

Nigel Wilson, Executive Chairman, is co-head of AEC’s Emerging Markets team. He has been responsible for the management of ADMF since its inception in June 1998. 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 assets under management. In that capacity he was responsible for asset allocation, portfolio strategy and management of funds, including staff pension funds. He has over 35 years experience in investment management, 18 of those in emerging markets. Nigel has a BA in History from Oxford University.

Dr. Slim Feriani, Managing Director, is co-head of AEC’s Emerging Markets team. He joined AEC 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 and hedge fund products in Asia and global Emerging Markets. Before that he worked as a senior investment analyst on the Middle East and North Africa region at Nomura International in London. Slim completed an MBA in Finance & Investments in 1989 and a PhD on the same subject in 1995, both at The George Washington University where, between 1989 and 1996 he taught as Professor of Finance and International Finance. He is fluent in French and Arabic.

Christopher Brader, Director, has 35 years of investment experience in Emerging Markets with 15 of those spent working in investment funds. He joined AEC in 2002 and is responsible for Asian investments and macro coverage. He previously held positions at CrossBorder Capital Limited, SG Securities Limited and ING Barings Securities Limited. At ING Barings he ran the Emerging Markets closed-ended fund team, encompassing research, sales, trading and corporate finance functions. Prior to that he spent ten years at Cazenove & Co. in Hong Kong and Japan.

Bernard Moody, Investment Director, joined AEC 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 for which he was responsible 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, Investment Manager, joined AEC 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 South Africa and the Latin American region. 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 Analyst, joined AEC as a Research Assistant early in 2002 and completed the Investment Management Certificate in July 2003. In October 2006, he became an Investment Analyst. 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.

Information on Progressive can be found on www.advance-emerging.com.