Polen Capital, the US-based $66bn equities and fixed income asset manager, has completed on the deal to take on four investment managers with Somerset Capital.

In a statement on 1 February, the US firm said: “Today we have completed our previously mentioned transaction with Somerset Capital. As part of the transaction, we have brought over four investment managers and four investment strategies." All individuals in the deal will be based at Polen Capital’s London office.

The funds and managers involved are:

Former Fund Name New Fund Name Managers
MI Somerset Asia Income Fund

 

 MI Polen Capital Asia Dividend Growth Fund

 

 Mark Williams

Carolyn Chan
MI Somerset Emerging Markets Dividend Growth Fund

 

 MI Polen Capital Emerging Markets Dividend Growth Fund

 

 Mark Williams

Kumar Pandit
MI Somerset Emerging Markets Discovery Fund

 

 MI Polen Capital Emerging Markets Discovery Fund

 

 Angel Ortiz
MI Somerset Global Emerging Markets Fund

 

 MI Polen Capital Global Emerging Markets Fund

 

 Damian Bird [Current Head of the Emerging Markets Growth Team at Polen Capital]

Kumar Pandit

"With a four-decade track record of quality growth investing and a commitment to further expanding our capabilities in emerging markets, we found a strong alignment of approach and philosophy. We look forward to integrating our new team members and clients into Polen Capital”, it said.

Robert Diggle, CEO of Somerset Capital Management LLP said: “I am pleased to announce that the transition of our UK fund range to Polen Capital UK LLP is now complete with effect from 1st February 2024. A team of Somerset’s portfolio managers – Mark Williams, Kumar Pandit, Carolyn Chan and Angel Ortiz – has joined Polen Capital’s emerging markets team, which is based in London and Asia.

"Polen Capital has committed to undertake the promotion and distribution of the funds with a view to ensuring their future growth and longevity. On behalf of all the partners at Somerset, I would like to extend our sincere thanks to all our clients for their support over the last 17 years.

"I wish Mark, Kumar, Carolyn and Angel all the very best and have every confidence they will continue to perform well for their clients.”

Mark Williams, portfolio manager of the Asia Income and Dividend Growth Funds, said: “I am delighted to be joining Polen Capital along with my colleagues from Somerset. Our transition ensures continuity of investment process and fund objectives for clients. I am very grateful to the team at Somerset Capital for all their support over the years and during this transition, and I look forward to working with the team at Polen.”