Aubrey Capital Management

What Aubrey Capital Management does

Aubrey Capital Management is a UK-domiciled boutique asset manager founded in March 2006 by Andrew Dalrymple, Sharon Bentley-Hamlyn and Barry McCorkell, focused on high-conviction, benchmark-agnostic growth equity investing in emerging markets and globally. The firm is majority employee-owned, regulated by the FCA (registration 455895) and registered with the SEC as an investment adviser, with headquarters in Edinburgh and a London office opened in December 2019 plus a Madrid-based Iberian sales presence. Aubrey manages approximately $1 billion AUM across four core strategies: the Aubrey Global Emerging Markets Strategy ($572m), the EM ex-China Strategy ($80.1m, launched September 2025), the Global Conviction Strategy (£99.9m), and the TreeTop Convertible Bond Strategy (€44.5m), supplemented by managed portfolio services (MPS, Sustainable MPS, AIM Portfolio, Bespoke) for UK advisers and a Private Clients service for HNW individuals, families, and charities.

The investment proposition is benchmark-agnostic, concentrated stock selection targeting companies with 15%+ EPS growth, 15%+ ROE, and strong through-cycle cash generation, with over 80% of alpha historically attributed to stock selection rather than country or sector allocation. Revenue is generated almost entirely through AUM-based management fees ranging from 0.75% to 1.50% across share classes (with OCFs from 1.01% to 1.86%) plus the TreeTop vehicle at 1.80%, and a 0.25% Aubrey Management Charge overlay on MPS solutions. Distribution is multi-channel: direct institutional sales to pension funds, family offices and consultants in the US, Europe and the Middle East; retail fund platforms including AJ Bell, Hargreaves Lansdown, Aviva, Transact, and AllFunds; and bespoke MPS/private client mandates.

Operationally, Aubrey is supported by fund administration partners (Evelyn Partners Fund Solutions for UK OEIC; Edmond de Rothschild for the Luxembourg SICAV) and is a PRI signatory since April 2021. The leadership team blends founder-led investment management with a professional management layer added in 2022 when Andrew Ward became CEO and Iain Hay became COO/CCO, supported by an approximately 30-person team across investment, distribution, operations and compliance.

Name

Aubrey Capital Management

Legal name

Aubrey Capital Management Ltd

Website

https://aubreycm.co.uk

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Aubrey Capital Management is a UK-based, majority employee-owned boutique asset manager founded in 2006, managing approximately $1bn AUM across emerging markets, global conviction, EM ex-China and convertible bond strategies for institutional, adviser, and high-net-worth clients.

Ownership category

akta.pro rank

Product category

Investment Management / Asset Management

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Large-Cap Equity (Active) (FSAAAIAA)

akta.pro secondary industry

Mid-Cap Equity (Active) (FSAAAIAB)

Keywords

• Emerging markets equities
• Global equity management
• Managed portfolio services
• Wealth management solutions
• Institutional asset management

Headquarters

HQ city

Edinburgh

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Management Fees (AUM-based): Aubrey Capital Management earns management fees calculated as a percentage of assets under management across its fund strategies (GEM Strategy, Global Conviction Strategy, TreeTop Convertible Bond Strategy, EM ex-China Strategy), as well as bespoke private client and MPS mandates. Fees range from 0.75% to 1.50% depending on share class and fund vehicle.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels8 records

Core offering

Aubrey Capital Management is a specialist global investment manager that runs actively managed, high-conviction equity and fixed-income strategies focused on quality growth companies. Its core offerings include the Global Emerging Markets Strategy, Emerging Markets ex-China Strategy, Global Conviction Strategy and the TreeTop Convertible Bond Strategy, delivered via UK OEIC, Luxembourg SICAV and segregated mandate structures for institutional investors, financial advisers and high net worth private clients.

Product overview

Aubrey Capital Management is an investment management firm offering a platform of distinct investment strategies: the Aubrey Global Emerging Markets Strategy ($572m AUM), the Emerging Markets ex-China Strategy ($80.1m), the Global Conviction Strategy (£99.9m), and the TreeTop Convertible Bond Strategy (€44.5m). These core fund products are supplemented by fee-based advisory services including the Managed Portfolio Service (MPS), Sustainable MPS, AIM Portfolio, and Bespoke Portfolio offerings for intermediaries, as well as a Private Clients service for high-net-worth individuals. The strategies focus on high-conviction, benchmark-agnostic growth investing with emphasis on quality companies generating strong returns and cash flows.

Differentiator

Problem solved

Functional benefit

Brands

• Aubrey Global Emerging Markets Strategy: Focuses on rapidly growing sectors in emerging markets countries with political and economic backdrops conducive to income growth and consumer confidence.
• Aubrey Global Conviction Strategy
• Aubrey Emerging Markets ex-China Strategy
• TreeTop Convertible Bond Strategy

Products and services

• Aubrey Global Emerging Markets Strategy (AGEM) Growth-focused emerging markets equity strategy investing in rapidly growing sectors in countries with political and economic backdrops conducive to income growth; targets companies with market dominance, strong cashflow returns and reasonable valuations. AUM approximately $572m as of 31 May 2026; available via SICAV and UK OEIC.
• Aubrey Emerging Markets ex-China Strategy Equity strategy focused on high-quality growth companies in emerging markets outside China, offering investors a complementary route to capture long-term opportunities in EM ex-China. AUM approximately $80.1m at launch.
• Aubrey Global Conviction Strategy Concentrated, benchmark-agnostic global equity strategy investing in growth stocks worldwide with mid-cap bias and demanding growth requirements, aiming for capital appreciation. UK OEIC AUM approximately £99.9m as of 31 May 2026; SVS Aubrey Global Conviction Fund AUM approximately £53.6m.
• TreeTop Convertible Bond Strategy Strategy investing primarily in convertible bonds and other fixed-income instruments such as bank deposits, warrants, or call options on equities, with flexibility to use derivatives for investment and hedging. EUR AUM approximately €44.5m as of 31 May 2026; co-managed by Félix Berghmans, Ben Shields and Jon Alvis.
• Aubrey Managed Portfolio Service (MPS) Five risk-rated multi-asset portfolios invested globally across active, factor/smart beta and passive funds, designed for UK financial advisers as a cost-effective core investment solution with quarterly rebalancing and Aubrey AMC of 0.25%.
• Aubrey Sustainable MPS Sustainable version of the Aubrey MPS range, investing globally with focus on world impact, ethically-based and sustainable investments using an 'opt out' approach towards sin sectors. Distributed exclusively through UK financial advisers on B2B platforms.
• Aubrey AIM Portfolio Portfolio investing in approximately 25-30 innovative and growing AIM-listed businesses with strong balance sheets, strong cash generation and sustainable medium to long-term earnings growth, with potential IHT benefits; offered to UK advisers.
• Aubrey Bespoke Portfolio Service Tailored portfolio service for advisers requiring more targeted approaches, including segregated client services, enhanced reporting, specific investment strategies or capital gains management; available on external adviser platforms including Aviva, abrdn (Standard Life Hub), Transact and M&G Wealth.
• Aubrey Private Clients Service Personalised wealth management service for families, individuals and charities, offering bespoke portfolios combining Aubrey's differentiated funds and high-quality growth stocks managed with direct access to portfolio managers.

Quantifiable outcome

• GEM Strategy: 224% net return since inception (March 2012) vs 135% MSCI EM Index; annualized return of ~9% vs 4.7% for MSCI EM
• +4 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core.

• AllfundscoreChannel Partner/ Reseller/ Distributor · 1 May 2024Aubrey's Global Emerging Markets Opportunities Fund became available on the Allfunds platform in May 2024, providing access to a wide network of advisers and institutional investors globally through Allfunds' fund distribution infrastructure.
• LarrainVialcoreStrategic or Co-development Partner · 1 March 2024Aubrey Capital Management partnered with LarrainVial in March 2024. LarrainVial is a financial services firm that provides investment access and distribution capabilities, particularly in Latin American markets, enhancing Aubrey's reach into South American investor base.
• Evelyn Partners Fund Solutions LimitedcoreImplementation/ SI/ Consulting PartnerEvelyn Partners Fund Solutions Limited serves as the Management Company/ACD (Authorised Corporate Director) and Administrator for Aubrey's UK OEIC funds (SVS Aubrey Global Emerging Markets Fund and SVS Aubrey Global Conviction Fund), handling fund administration, compliance, and regulatory responsibilities.
• Edmond de RothschildcoreImplementation/ SI/ Consulting PartnerEdmond de Rothschild serves as the Management Company/ACD, Custodian, and Administrator for the Aubrey Global Emerging Markets Opportunities Fund SICAV domiciled in Luxembourg, handling fund administration, custody, and regulatory oversight.
• TreeTop Asset Management S.A.coreStrategic or Co-development PartnerTreeTop Asset Management S.A., a Luxembourg-based management company, partners with Aubrey as the delegated Investment Manager for the TreeTop Convertible Bond Strategy. Aubrey provides investment management for the strategy while TreeTop provides the fund structure, administration, and Luxembourg regulatory framework. Félix Berghmans, Ben Shields, and Jon Alvis from Aubrey co-manage the TreeTop Convertible International fund.

Scale indicators8 records

Recent moves21 records

Expansion highlights6 records

Broad incumbents

• abrdn: UK-listed global asset manager with active EM, global equity, and MPS/intermediary solutions. Overlaps with Aubrey in SICAV fund vehicles, UK platform distribution, and adviser MPS offerings.
• Jupiter Fund Management: UK-listed broader asset manager offering EM, global, and multi-asset strategies. Comparable as a UK-headquartered active manager with EM and growth capabilities, though operating at substantially greater scale.
• Schroders: Large UK-listed global asset manager with extensive EM, global equity, and multi-asset capabilities. Comparable in offering overlapping active EM and global strategies, though at much greater scale and product breadth.
• T. Rowe Price: Global asset manager with strong active EM and global growth equity franchises. Comparable in offering active EM equity strategies and serving institutional clients, though at significantly larger scale.

Direct peers

• Harding Loevner: US-based boutique asset manager with global equity, international, and EM strategies built on quality-growth investing principles. Comparable to Aubrey in fundamental, benchmark-agnostic active EM and global equity management.
• Polar Capital: London-based specialist boutique running EM, global, and thematic equity strategies. Comparable as a UK boutique asset manager offering active emerging markets and global equity funds to institutional and intermediary clients.
• Stewart Investors (First Sentier Investors): Quality-growth global and EM equity specialist within First Sentier Investors, sharing philosophical heritage with Aubrey through the founders' Stewart Ivory / First State background. Directly comparable in benchmark-agnostic, long-term growth investing approach.
• Baillie Gifford: Scottish boutique asset manager specializing in long-term growth equity strategies, including EM and global mandates. Comparable as a UK-based, philosophically-driven boutique with strong track records and concentrated portfolios.
• Genesis Investment Management: London-based boutique specialising in global emerging markets equities with a long-term, fundamental quality-growth approach. Directly comparable to Aubrey in EM equity mandate focus and philosophy.
• Walter Scott & Partners: Edinburgh-based quality-growth global equity boutique (subsidiary of Franklin Templeton) with a similarly concentrated, fundamental, long-term investment philosophy. Highly comparable in style, location, and boutique scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/aubreycapital
• LinkedInlinkedin.com/company/aubrey-capital-management-ltd-

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aubrey Capital Management