The team managed an aggregate $16bn in EMD assets at ING, and includes 12 portfolio managers, six credit analysts and four economists and strategists. They will operate from offices in the US, Europe and Asia.
The new recruits will join three others, giving Neuberger Berman a 22-strong EMD team, which will span hard and local currency mandates, EMD corporate bonds and dedicated Asian debt strategies.
The fund managers who have left ING are Raoul Luttik, Jennifer Gorgoll, Nish Popat, Prashant Singh and Bart van der Made. Van der Made managed ING’s Renta Fund Emerging Market Debt (Hard Currency), the performance of which over one year is shown in the graph.
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In terms of country exposure, the largest proportion of capital, 7.4%, is invested in Venezuela followed by Inodnesia in second place (6.01%).
Neuberger Berman manages $216bn in assets including $97bn in fixed income assets. The fixed income team is headed by Brad Tank.
What about ING?
Sylvain de Rujiter was appointed acting head of EMD at ING at the end of January following the announcement that Drijkoningen and Urquieta were leaving.
Earlier in the month, Marco Ruijer was appointed lead portfolio manager, hard currency.
The EMD homepage on ING’s site is currently blank, and the firm was unavailable to comment further at the time of writing.
EMD booms
This is the second time in 12 months an EMD team has been poached from a rival asset manager; seven of BNP Paribas’s EMD team left for BlackRock in April last year. Headed up by Sergio Trigo Paz, the team added to its EMD range last week, including an EM corporate bond fund and an EM investment grade corporate bond fund.
Fidelity was one of the other most recent fund managers to launch a new EMD offering, opening its local currency fund to investment in mid-April.
