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The Pakistan markets Kirsten Bischoff, Opalesque New York: Opalesque recently spoke with Rupert Bumfrey, of RNB Associates about the Pakistan markets and the JS suite of offshore funds. Pakistan, which was labeled as one of Goldman Sachs “Next 11” emerging market countries, has seen radical changes over the eighteen years Bumfrey has been in the region. JS Investments Limited (JSIL), established in 1995 as the first private sector asset manager in Pakistan, has been managing several funds with investments focused on the Pakistan market. With $581m in assets under management, JS Fund Management (Mauritius) Limited is in the process of launching four offshore vehicles which will serve as feeder funds into the onshore vehicles, allowing non-residents to participate in the growth this emerging market economy has been experiencing.

Speaking about the parallels between the economic growth in India and the present and future economic growth in Pakistan Bumfrey said, “There used to be international investment houses based in Pakistan. And then there was the Pakistan/India nuclear problem and they all moved out of the country. Their Pakistan offshore funds were either closed or merged with other funds, and so there have been no funds in the offshore arena. As the markets picked up in the 2000’s [these investment houses] have been seeing, and in most cases reaping the success of India – which did not lose the interes......................

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