North of South Capital

What North of South Capital does

North of South Capital LLP is a London-based, FCA-authorised (FRN 403114) boutique investment management firm founded in 2004 by Matt Linsey, focused exclusively on managing Emerging Market equity mandates. The firm's product shelf consists of two long-only UCITS strategies: an Emerging Markets All Cap Equity Strategy (diversified across the market cap spectrum) and an Emerging Market Equity Income Opportunities Strategy (yield-tilted EM equities). Both products are run using a disciplined, bottom-up value approach anchored by a proprietary Cost of Capital valuation framework that targets companies trading below their valuation of future cashflows.

The firm is owned and operated by its partners and serves institutional and wholesale investors globally — spanning the UK, EU, North and South America, Asia, and the Middle East. Distribution is delivered through two channels: a core UCITS fund distribution partnership with Pacific Asset Management (an independent London manager administering in excess of £15.7bn of client assets) and direct separate managed accounts for institutional clients seeking customised portfolio construction. The core investment team has remained unchanged since 2009, with sector specialists covering natural resources, technology, banks and financial services, energy, and materials, and a track record since 2011 of outperforming the MSCI Emerging Markets Total Return Index by over 4% annually.

The firm is structured as a private limited liability partnership with 1–10 total employees and only three FCA code staff, indicating a deliberately lean operating model. Revenue is generated entirely through recurring asset management fees on EM equity mandates; specific fee rates and AUM figures are not publicly disclosed. Stewardship and regulatory infrastructure — including UK Stewardship Code 2020 endorsement, SRD II alignment, MIFIDPRU compliance, and an outsourced proxy voting arrangement with Institutional Shareholder Services (ISS) — underpin the firm's positioning with European institutional and wholesale clients.

Name

North of South Capital

Legal name

North of South Capital LLP

Website

https://northofsouth.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

1–10 employees

Short description

North of South Capital LLP is a London-based, FCA-authorised boutique investment manager founded in 2004 that runs two long-only UCITS Emerging Market equity strategies for institutional and wholesale investors globally, distributed via Pacific Asset Management and separate managed accounts.

Ownership category

akta.pro rank

Product category

Emerging Market Equity Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Emerging Markets Equity (Active) (FSAAAIAF)

akta.pro secondary industries

Mid-Cap Equity (Active) (FSAAAIAB), Large-Cap Equity (Active) (FSAAAIAA)

Keywords

• Emerging market equities
• Asset management services
• Investment management
• Equity portfolio management
• UCITS fund management

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Asset Management Fees: The firm generates revenue through management fees charged on EM equity mandates, including UCITS funds and separate managed accounts for institutional investors.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels1 record

Core offering

North of South Capital manages long-only Emerging Market equity portfolios on behalf of institutional and wholesale investors through two core UCITS strategies (All Cap and EM Income Opportunities) plus separate managed accounts. The strategies apply a proprietary bottom-up Cost of Capital valuation framework that targets companies trading below their valuation of future cashflows, with the goal of long-term outperformance versus the MSCI Emerging Markets Index.

Product overview

North of South Capital offers a focused portfolio of long-only Emerging Market equity strategies, delivered through two core UCITS fund products: the Emerging Markets All Cap Equity Strategy (diversified across market caps) and the Emerging Market Equity Income Opportunities Strategy (high-yielding equities for income with capital growth). Both strategies are underpinned by the same bottom-up value investment philosophy and Cost of Capital valuation framework. The strategies are distributed via Pacific Asset Management as well as through separate managed accounts for institutional investors.

Differentiator

Problem solved

Functional benefit

Products and services

• Emerging Markets All Cap Equity Strategy A long-only UCITS strategy that seeks to outperform the MSCI Emerging Markets Index after fees by investing in a diversified portfolio of emerging market equities across the market cap spectrum. Available to institutional and wholesale investors via Pacific Asset Management and through separate managed accounts.
• Emerging Market Equity Income Opportunities Strategy A UCITS strategy that seeks to produce a consistent level of income by investing in high-yielding emerging market equities, while also growing net asset value and outperforming the MSCI Emerging Markets Index after fees. Available to institutional and wholesale investors via Pacific Asset Management and through separate managed accounts.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• Pacific Asset ManagementcoreChannel Partner/ Reseller/ DistributorPacific Asset Management distributes North of South Capital's UCITS strategies and manages in excess of £15.7bn of client assets. The partnership provides access to institutional and wholesale investors in UK, EU, and internationally.
• Institutional Shareholder Services (ISS)coreTechnology or IntegrationISS provides proxy voting research and processing services for North of South Capital. The firm uses ISS to execute votes, maintain vote records, and provide comprehensive reporting, while retaining final voting decisions with the Global Emerging Markets Team.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Emerging players

• Matthews Asia: Specialist manager focused on Asia and Emerging Markets equities. Comparable in EM/Asia long-only mandate expertise, though typically more growth-tilted than North of South's value approach.

Broad incumbents

• Goldman Sachs Asset Management: Global incumbent offering dedicated Emerging Markets equity strategies alongside a broad multi-asset platform. Direct overlap in EM long-only mandates, with far greater scale and distribution.
• J.P. Morgan Asset Management: Global incumbent with one of the largest EM equity platforms. Directly competes with North of South for institutional EM allocations, but offers a vastly wider product shelf and AUM scale.
• Lazard Asset Management: Large global incumbent with a long-running Emerging Markets Equity franchise. Overlaps with North of South in EM long-only mandates but offers broader multi-asset capabilities and a much larger global distribution footprint.
• Schroders: Major incumbent asset manager with substantial Emerging Markets equity capabilities across global EM, EM ex-China, and EM debt. Comparable in EM equity product offering but operates at far greater scale and product breadth.
• abrdn (Aberdeen Investments): Global asset manager with established Emerging Markets equity strategies, particularly known for its EM and Asia franchises. Comparable in EM equity offerings, though broader in mandate type and distribution.
• Robeco: Dutch-headquartered global asset manager with dedicated Emerging Markets equity strategies, including frontier markets. Comparable in EM equity focus, but offers substantially more product and geographic breadth.

Direct peers

• Somerset Capital Management: London-based long-only Emerging Markets equity specialist. Highly comparable given the shared EM-only focus, bottom-up value orientation, and UK institutional client base; North of South even hired a former Somerset Capital analyst.
• Harding Loevner: US-based specialist active manager focused on global and Emerging Markets equities with a strong quality-growth orientation. Comparable as a specialist EM boutique targeting institutional allocators.
• Vontobel Asset Management: Swiss-headquartered active asset manager with a well-regarded Emerging Markets equity franchise. Comparable as a specialist EM equity manager with a quality/value bias serving institutional clients.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/north-of-south-capital

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

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 North of South Capital