Wells Capital Management, wholly owned subsidiary of Wells Fargo, has been selected by Nomura Asset Management to manage the new emerging markets consumer stock fund.
Reportedly, the fund was recently launched in Japan and total assets exceed $1 billion, with subscriptions adding to the initial launch size of $740 million and the fund is distributed in Japan by Nomura Securities.
The fund seeks to invest in stocks that benefit from increased domestic demand rather than relying on companies driven by exports, which has been the more traditional approach to emerging-markets investing. Wells Fargo has added that the fund focuses on the increased purchasing power of global emerging-market consumers, whose heightened standards of living may result in higher consumption.
Michael Niedermeyer, head of Wells Fargo’s asset management group, said: “Nomura rolled out the fund just at the time that Japanese investors are again getting focused on the growth prospects in emerging markets. This new investment strategy leverages the time-tested investment process.”
Wells Capital Management, an investment affiliate to Wells Fargo’s Asset Management Group, is subadvising the fund with the emerging markets team at the helm. The emerging markets team is headed by senior portfolio manager Anthony Cragg and includes eight other team members.
