Santander Asset Management has launched the Emerging Markets fund. The portfolio is an actively managed fund of funds, investing in companies from developed markets where most earnings come from emerging markets. It uses specialised regional managers as well as global managers and aims to outperform the MSCI Emerging Markets index. The fund has an annual management fee of 1%. It is run by Estrella Llorente, who reports to Keith Speck, the recently appointed head of multi-manager.