The asset management business of London-based New Sparta, founded by the prominent economist and investment entrepreneur, is setting up a presence in the US.

Emerging market investment manager New Sparta Asset Management, the London-headquartered organization formed by Dr Jerome Booth, the economist, entrepreneur and co-founder of UK-listed Ashmore Group, has announced it now has a presence in the US.

In the US, NSAM will be led by managing director Mark Weiller. He will manage NSAM’s US presence from offices in New York and San Francisco. His responsibilities will include product management, business development and investor relations, the firm said in a statement yesterday.

NSAM initially focuses on renewable and conventional energy projects in Africa, but its strategy is not limited by sector or geography.

“New Sparta Asset Management will be very focused on serving the US institutional market,” said Dr Booth. “Emerging markets are 57 per cent of global GDP using purchasing power parity, and that share continues to increase, which is relevant for investors with long-term liabilities. On these criteria, most institutional investors are massively underweight emerging markets.”

Prior to joining NSAM, Weiller spent over 10 years with Ashmore Investment Management in various positions including head of client and product management - Americas and global head of consultant relations and corporate treasury. Weiller has also held senior institutional product management positions at Citigroup and Credit Suisse.

NSAM is part of New Sparta Limited, the private office that was founded in 2013.