EM boutique Somerset launches ex-tobacco fund

Somerset Capital Management has launched an ethically screened global emerging markets fund for Edward Robertson.

The MI Somerset Global Emerging Markets (ex-Tobacco) fund launched on Monday (20 February) as a Ucits structure with £49.5m of seed capital from a UK charity.

The boutique, which specialises in emerging markets funds, says the launch was in response to greater client appetite for ethically screened products and will be predominantly marketed with charities, healthcare organisations, local authorities and pension schemes in mind.

The portfolio of 40-45 stocks will blend growth and value ideas and will carry an annual management charge of 75 basis points and an ongoing charge figure of roughly 98bps.

It will be benchmarked against the the MSCI Emerging Markets Index.

Robertson will be supported by a team of 17 investment professionals based in London and Singapore.

Somerset partner and head of market Oliver Crawley says: “At Somerset, we make it a priority to listen carefully to all our clients as their needs are of the utmost importance to us. We want to extend our expertise to investors who are looking to gain exposure in [emerging] markets while adhering to their investment ethos.”