Nordea Asset Management (NAM) has decided to close its in-house emerging market debt (EMD) capabilities due to “sub-par commercial results”.
The firm will instead move to outsource the management of its EMD portfolios.
A NAM spokesperson said the firm “remains committed” to the asset class and is keen to continue to offer clients access to a strong EMD value proposition.
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They said: “Nordea Asset Management’s EMD strategies have throughout many years achieved solid long-term investment performance through in-house management.
“Despite a long-term perspective and the launch of our first in-house EMD strategy more than a decade ago, broader market factors have resulted in sub-par commercial results. In that context,
“NAM is now aiming to outsource the portfolio management of its EMD portfolios to an external asset manager. NAM’s EMD team will be closed down after an orderly transition to the external manager.”
Last year, the firm appointed Kasper Elmgreen as chief investment officer for fixed income and equities following a four-year spell at Amundi.
