Skip to content
Subscriber Only

Ashmore Agrees to Buy 63% of Emerging Markets Management

Ashmore Group Plc, a U.K. fund manager focusing on emerging markets, agreed to buy 63 percent of Emerging Markets Management LLC for as much as $246 million in cash and stock to raise its exposure to equities.

Ashmore will pay $96 million in cash and $29.9 million in new stock for the majority stake in Arlington, Virginia-based EMM, a closely held money manager which oversaw $10.4 billion at the end of last month, the company said in a statement today. The remainder will be paid under a three-year earn-out plan.