Ashmore [profile] has hired Devang Baxi as a regional director.

Ted Smith, head of U.S. intermediary distribution for Ashmore, told MFWire that Baxi will report to him, serving as midwest regional director.

Based in Chicago, Baxi "will support the growth of Ashmore’s US intermediary business by working with financial advisors, registered investment advisors, trust companies, sub-advisory clients, and retail consultants based in the Midwest."

Smith confirmed that prior to Ashmore, Baxi worked at Artio Global [profile], overseeing business development and client service as a Divisional Director within 16 states. Prior to this, Baxi worked at Legg Mason Investors in Stamford, Connecticut as an Internal Wholesaler. Baxi has also worked at ING Financial Services and Ameriprise. 

Aberdeen Asset Management [profile] entered into an agreement to buy Artio in February.

Smith said that Ashmore is building an intermediary distribution team to support the continued growth of its US mutual funds, which give investors access to Ashmore’s EM debt and equity strategies. Ashmore is a specialist in Emerging Markets, with over $77.4 billion under management as of June 30, 2013. 

In addition to Baxi, the team consists of Regional Directors in the Northeast (Mike Maguire, formerly of Eaton Vance) and West (Brandon Baker, CFA, formerly of Touchstone Funds and Canterbury Consulting), both of whom joined Ashmore in 2012.  Ashmore is currently undertaking a search for an additional Regional Director to cover the Southeast Region.

  Ashmore’s regional directors are supported by another recent hire, Brian Lee.  Lee joined Ashmore’s New York office as a sales associate, also reporting to Ted Smith.  Prior to Ashmore, Lee worked as a sales associate since 2009 at Lazard, based in New York.  Prior to this, Lee worked since 2008 at Merrill Lynch in Jersey City, New Jersey as a project manager within their Global Wealth Management group.

Smith joined Ashmore two years ago. In that time, Ashmore has concluded selling agreements with over 20 intermediaries, including many of the nation’s leading brokerages, trust companies and fund platforms.  These relationships and existing institutional clients have helped the funds grow to over $900 million prior to their three-year anniversary. 

Ashmore has also built emerging markets sub-advisory relationships with US insurance companies and fund companies totaling in excess of $2 billion.   

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