Ashmore Group co-founder Dr Jerome Booth has launched a specialist emerging market investment manager, New Sparta Asset Management.
Dr Booth, who left emerging-markets focused Ashmore in May 2013, where he was head of research, will become chairman of New Sparta.
Mark Weiller will become head of distribution at the new group after more than 10 years at Ashmore.
The pair have also been joined by Ousméne Mandeng, a former senior International Monetary Fund official, who will be head of research and development and a member of the investment committee.
Dr Booth said: “New Sparta Asset Management is about private markets in emerging markets. It responds to the growing need for specialist emerging market investment management that leverages sector knowledge in a private equity-style approach.”
While the new group is not limited by the sector or geography in which it can invest, its initial focus will be on energy projects in Africa.