Frontier Markets ETF

 

Progressive Asset Management said it plans to launch a frontier stock market closed-end fund of funds that will invest in under-researched emerging and frontier markets such as Botswana, Romania, Ecuador and Vietnam.

The Advance Frontier Markets fund, which will float on the Alternative Investment Market in June, will be run by Progressive's emerging markets team, headed by Slim Feriani and Nigel Wilson, and will hold between 20 and 50 funds.

The firm is aiming to raise at least $100 million (50 million pounds) and will cap the fund at $200 million, Feriani told Reuters.

He said eight countries -- Brazil, China, India, Mexico, Russia, South Africa, South Korea and Taiwan -- account for 80 percent of emerging markets' stock market capitalisation.

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