Castlestone Management announced the launch of a new fund investing in the “Next 11” developing countries. The Next 11 was coined by Goldman Sachs as a new mix of global economies that have been gaining increasing importance outside the BRIC countries.
Approximately 65% of Castlestone’s fund will come from the core countries including Mexico, Indonesia, Turkey and the Philippines while up to 25% will be in Egypt, Vietnam, Pakistan and Nigeria.
Castlestone emerging markets portfolio manager Arrash Zafari says “These are a group of countries which could have a Bric-like impact on rivalling the economic importance of the G7 nations. Bric will always be number one in future importance to the global economy, but the Next 11 will also have a major impact”.
The Castlestone Next 11 Emerging Markets fund will be launched in the fourth quarter 2010.
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