Mirabaud expands EM funds range with ex Blackrock hire
Mirabaud Asset Management, part of the 200-year old Geneva-based banking group, is set to expand its asset management offering with the launch of a global emerging markets fund to be managed by Daniel Tubbs, former co-head of BlackRock‘s Global Emerging Markets team.
The long-only Luxembourg-registered Ucits fund will focus on emerging market equities. Tubbs, who will be joined shortly by three other sub-managers in the new team, will remain based in London. He was at Blackrock for four years, responsible for the flagship Global Emerging Markets Fund, with assets of $1.2bn, around half the total managed by the team.
From 2001 to 2007, Tubbs managed the Asia (ex Japan) group of funds at WestLB Asset Management. A chartered accountant and CFA charterholder, he began his professional career in 1997 at Arthur Andersen.
Lionel Aeschlimann, Partner and Head of Asset Management at Mirabaud, said the firm had been considering a GEM launch for some time, but finding the right manager was crucial. “This remains a people business, especially in sectors which some investors still consider higher risk,” he said.
Tubbs said he was attracted by the entrepreneurial spirit at Mirabaud, and the opportunity to build a fresh and powerful team at an interesting time for emerging markets.
“These markets have challenges, like everywhere else, but the long term potential in terms of demographics and growth is very attractive.” The dollar-denominated fund will run a fairly concentrated portfolio of 40-70 stocks with a turnover of less than 100% annually. Tubbs said he would be “benchmark aware” but was not particularly restricted to replicated holdings.
Aeschlimann said Mirabaud, whose other business lines are private banking and ’intermediation’ (brokerage, corporate finance and debt management), intends to add to its emerging market capabilities with further dedicated regional funds once the GEMs fund is established.
Partner Yves Mirabaud said the firm was interested in thematic funds, such as high yield, and energy and raw materials. The growth of the asset management business was strengthening the group by diversifying activity and the client base, he added, and it was driven entirely be client demand.
With operations in London, Paris, Montreal, Barcelona, Zurich and Geneva, the asset management division has tripled assets under management in 10 years.