Ashmore Investment Management (Ashmore) is a UK domiciled investment management company specialising in Emerging Markets asset classes. As at 30 June 2023, Ashmore managed approximately US$6.2 billion in emerging markets equities.


Headquartered in London, Ashmore’s roots can be traced back to the mid-1980s when it first launched as a division of the ANZ Banking Group in 1992. In 1999, senior management completed a buy-out and the business was renamed Ashmore Investment Management Limited. In October 2006, parent company Ashmore Group plc was listed on the London Stock Exchange.

Based in London, Ashmore’s Emerging Markets All Cap team is led by Dhiren Shah, who has over 20 years’ investment experience. He’s supported by co-portfolio managers Patrick Cadell and Edward Evans, both of whom have worked closely with Shah since the inception of the strategy. Cadell and Evans have 13 and 19 years of investment experience respectively and have spent the majority of that time within emerging market equities.


The portfolio managers are further supported by three dedicated analysts and also leverage Ashmore’s broader investment platform, which encompasses research from approximately 100 analysts across emerging markets, almost half of which focus specifically on equities research.

Why PAN-Tribal selected Ashmore


As an investment manager focused exclusively on Emerging Markets and with one of the longest and most successful track records in this asset class, we believe that Ashmore has a number of core capabilities that are key distinguishing factors relative to its peers:


Long standing presence and dedication to Emerging Markets

As one of the largest specialist Emerging Market managers, the firm’s size encourages contact from a number of Emerging Market participants. Ashmore CEO’s role as a founding member and co-chair of EMTA (Emerging Markets Trade Association), headquartered in New York, has helped shape the investment universe and the process to bring standard contracts for dealing to this market.


Extensive Emerging Markets relationships

Over two and a half decades, Ashmore’s employees have established extensive relationships across the emerging world, which give the firm great insights into local economic and business developments.

Global resources and local expertise

Ashmore has an experienced and extensive global team of investment professionals; this enables wide coverage of the Emerging Markets universe of close to 60 countries. There is a strong local presence in the Emerging Markets, specifically in Colombia, India, Indonesia, Peru, Saudi Arabia and UAE.


A time-tested philosophy and process

Ashmore’s overarching investment philosophy and process have been unchanged since the foundation of the firm. They have withstood the test of time, notably through the EM debt crises of the mid and late-1990s, which have been rich in critical teachings.

“High quality companies delivering attractive growth are best placed to benefit from Emerging Markets secular growth drivers, as well as to navigate economic and market drawdowns.”


Dhiren Shah, Portfolio Manager

Key investment professionals

Dhiren Shah profile sq

Dhiren Shah, Portfolio Manager

Dhiren joined Ashmore in 2017 and is head of Emerging Markets Equity and Emerging Markets Small Cap strategies; he is also the lead Portfolio Manager of the Ashmore Emerging Markets Equity Fund. Prior to that, he spent 16 years at Merrill Lynch Investment Managers (now BlackRock). Throughout his career, Dhiren has been involved in the management of a range of Emerging Markets Equity products for both retail and institutional clients. In recent roles, he also had the responsibility as co-head and head of research for the Global Emerging Markets team. Dhiren is a CFA charter holder and gained a first in Economics from University College London.

Edward Evans profile bw-sq

Edward Evans, Portfolio Manager

Edward joined Ashmore in 2017 and is one of the Portfolio Managers of the Ashmore Emerging Markets Equity Fund. His prior roles include eight years at Schroders Investment Management in London within their Emerging Markets Equity team. From 2007-2009, Edward was a Portfolio Manager at ABN AMRO Asset Management within its Emerging Markets Equity Team. Edward started his career at JPMorgan Asset Management in London, initially as part of the Graduate Business Development Program, after which he specialised in Far East & Emerging Markets Equity. Edward is a CFA Charterholder and holds a BA Hons in Economics, French and Business Management from Durham University.

Patrick Caddell BW

Patrick Cadell, Portfolio Manager

Patrick joined Ashmore in 2017 and is one of the Portfolio Managers of the Ashmore Emerging Markets Equity Fund. Patrick joined the J.P. Morgan investment bank analyst training program in 2008, and worked at J.P. Morgan Cazenove as a Corporate Finance Analyst on the UK Financial Institutions Team. In 2010, Patrick moved to Nevsky Capital as an Investment Analyst, covering Emerging Asian Equities. His team then moved to Thames River Capital, which was subsequently acquired by Foreign and Colonial, where he progressed into a Portfolio Management role. In 2015 Patrick joined Liontrust Investment Partners as a Partner and Portfolio Manager, where he was part of a team managing an EM Equity Fund. Patrick gained a first Class BSc in Economics from University College London.

Ben Akrigg BW

Ben Akrigg, Investment Analyst

Ben joined Ashmore in December 2017 from the Bank of Montreal Global Asset Management, where he was most recently a Portfolio Manager for Asia Pacific/Global Equities. Before that, he worked at Morley Fund Management and Norwich Union Investment Management where he was a Portfolio Manager focused on Asia Pacific ex-Japan Equities. Ben holds a BSc (Hons) in Economics from the University of Warwick.

Ke Li BW

Ke Li, Investment Analyst

Ke joined Ashmore in April 2018 from Exane BNP Paribas in London, where he worked as an Equity Research Analyst. This was preceded by his experience as a Long/Short Equity Analyst at Exane Asset Management in Paris. Prior roles includes Equity Research Analyst at LCF Rothschild Asset Management in Paris and Long/Short Equity Analyst at Laub Investment Management in Geneva. Ke is a CFA Charterholder and holds an MSc in Management (Hons.) from HEC Paris School of Management, France; a BSc (Hons.) in Economics and a BA in French from Wuhan University, China; and a BA in Economics and Political Analysis from Unveristé d’Auvergne, France.

Aaron Armstrong

Aaron Armstrong, Investment Analyst

Aaron joined Ashmore in September 2020. Prior to this, Aaron was a Portfolio Manager at Aviva Investors and a Senior Investment Analyst at Alquity Investment Management. Aaron holds a BSc. in Economics from the University of Bath, and the Investment Management Certificate.


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Past performance information provided on this website is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. None of PAN-Tribal, its related bodies or associates, nor any other person, guarantees the repayment of capital or the performance of the Fund(s) or any particular returns from the Fund(s). No representation or warranty is made concerning the accuracy of any data contained on this website.


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