Pioneers and Specialists in Emerging and Frontier Market Investments

Learn more

Stay updated





FMG – Fund Management Group is a pioneer and specialist in emerging and frontier market investments using both the multi and single-managed approach to diversify investment risk. FMG has been investing in these markets since 1989 and has a team of investment professionals who travel extensively to identify investment opportunities. We offer our clients extensive experience, disciplined risk management and dynamic investment solutions. The group includes privately held investment management companies based in Malta and Bermuda. Our clients are primarily retail investors and high net worth individuals from all continents across the globe. FMG offers investors an efficient approach to investing in the world’s most exciting equity markets and we have been rated by Morningstar and Barclay as the top performers in multiple categories.


Russian Federation Fund

FMG Rising 3 Fund

FMG China Fund

FMG Iraq Fund


FMG utilizes a comprehensive system of quantitative and qualitative analytics to identify investment opportunities throughout Emerging Markets. Since our founding in 1989, our investment management team has traveled extensively throughout the emerging markets, and our relationships and contacts in many of these countries are unparalleled. We invest our clients and our own capital diligently, with long term horizons, and are always in search of predicable high growth investments but only at reasonable prices. Our disciplined risk management process is strenuously applied across all our portfolios. Our managers selection process entails rigorous screening and due diligence, with allocations awarded only to seasoned and successful local investment managers with significant expertise in their given region. Our managers aggregate risk exposures are continually monitored. The FMG Investment Committee strictly over sees limits on country level risk and the portfolio risk management process. Our research and investment process is committed to using a diversified portfolio of proven investment styles to generate strong risk-adjusted returns.




Efficient access to the world’s fastest growing and most exciting Emerging Markets


Diversification by investing with multiple managers with different investment styles


Experienced investment committee with a world wide network since 25 years


New innovative investment funds in emerging and frontier markets



We at FMG are a team of professionals many of which have worked together for over a decade. The senior staff members alone have accumulated over a hundred years of experience within the investment management industry. Our staff is well trained in the many facets of the investment management business and will always endeavor to recognize the needs of our clients.
Johan G. Kahm

Johan G. Kahm


Johan was born in Sweden. He worked as an analyst at Alfred Berg Fondkommission an investment bank in Stockholm between 1968 – 74. He later moved to Dominick & Dominick in New York and worked in stock broking for two years. In 1976 Johan founded International Forecasting Corporation (IFC) a systematic investment management company focusing on foreign exchange and bond trading. In 1989 he co-founded FMG and has since been responsible for product and business development.

Karl Tonna

Karl Tonna

Managing Director & Chief Investment Officer

After graduating from the University of Malta with a B.Com (Hons). degree in Banking and Finance in 2006, Karl started his career with Middlesea Valletta Life, the largest life assurance company in Malta, where he managed the cash, liquidity and foreign exchange desk. He then moved on to work for a top local broker where he was responsible for trading and research analysis of various securities. After a brief stint working as a treasury analyst at a local bank, he joined SphereInvest, a specialist fixed income manager. Here he co-managed a fund focusing on high yield bonds and was also responsible for the trading and credit analysis for the fund. In 2015 Karl joined FMG and acts as the Group’s Chief Investment Officer.

LeJean Coetzee

LeJean Coetzee

Chief Operating Officer

LeJean is currently involved in the operational functions of the asset management, financial and regulatory aspects of FMG Group. For the 8 years prior to joining FMG, he worked in Operational and Risk departments for Institutional – and Alternative Fund Managers. LeJean was employed as Head of Operations for Culross Global IM (MLT) and prior to that, he was a Performance Analyst for ING IM (NL). At the start of his career LeJean was a Fund Administrator for TMF Fund Services (NL). He holds a Bachelor degree in Business Administration from The Hague University.

Sandra Dimech

Sandra Dimech

Office Manager

Born in Australia but lived most of her life in Malta, her first job experience started over 25 years ago with a German-owned industrial company covering all aspects of the production line and human resources. Joined a Building Services Consultants Engineering company where she headed the administration office for over 8 years.  Re-joined the company on part-time bases for another 10 years as an Administration Assistant covering general roles within the administration including assisting the accounts department. Sandra joined FMG as Office Manager at the end of 2017.

Arild Johansen

Arild Johansen

Investment Committee Member

Arild is based in Norway, however spent much of his life in the U.S. He received his degrees from the University of Wyoming in finance and business administration. He started his career as a research analyst with Caldor, a retail chain. He then joined FMG in 1992 as chief analyst, responsible for identifying top-quality fund managers. Today Arild is part of the team responsible for sourcing new managers, identifying strategic global macro investments, and monitoring existing managers and portfolios.

Fredrik Edensvärd

Fredrik Edensvärd

Group Head of Marketing

Fredrik has over 15 years experience in marketing and business development within the finance industry. His career began as a stock broker at the Swedish Insurance Company Skandia. In 2002 he joined FMG as marketing manager responsible for developing the marketing strategy within Sweden and neighboring countries. In 2007 he was made Marketing Director for the FMG Group. He is currently responsible for developing and managing key marketing initiatives, distribution channels, client relations and marketing materials.

Claire Camilleri Gauci

Claire Camilleri Gauci

Compliance Officer

Claire started her career at the Central Bank of Malta in the Banking Regulation and Compliance Section, and subsequently the Malta Financial Services Authority (MFSA), thereafter working with major public and private investment service companies. Claire has an MBA degree from the Grenoble Graduate School of Business, a post grad in Marketing and a Diploma in Operations and Compliance from the London School of Economic, a Diploma of the UK Chartered Institute of Insurance and completed the IFSP Trust Course.

Henrik Kahm

Henrik Kahm

Investment Analyst

Henrik joined FMG in 2006 after graduating from Lund University, School of Economics and Management in Sweden, with an MS degree in Business and Economics. He spent his first 5 years at FMG working at the Dubai office. There he was responsible for the Africa, Middle East and North Africa (MENA) regions. Today he is located in the Swedish office and focuses his efforts on research activities and investment portfolio monitoring within emerging and frontier markets.

Laura Gatt

Laura Gatt

Operations Analyst

Laura was born and raised in Malta. She started her career 10 years ago as a compliance officer for gaming companies with a renowned accounting firm in Malta. After four years she has pursued an accounting career with international accounting firms for 6 years becoming a senior accountant in 2015 where she has worked in various industries. She is currently pursuing an accounting degree with ACCA. Laura has joined FMG as an Operations Analyst in February 2018.

 Gunnar Christian Detlie

Gunnar Christian Detlie

Group Chief Operating Officer

Gunnar is based in Norway and received his undergraduate degree, a BSc in Economics, from the Norwegian Business School. He later attained a Master of Philosophy in International Finance, from the University of Glasgow. From 1998 – 2000 he worked with Avanse Forvaltning AS (now DNB Asset Management), one of the largest asset managers in Norway. In 2000 he joined and was later appointed Head of Trading at E*TRADE Norway ASA. In 2002 Gunnar joined FMG, and today overseas group operations along with new business development.

Erik Nelson

Erik Nelson

Group Head of Sales

Erik was born in the U.S. and initially joined FMG in the U.S. in 2006. He graduated from the University of Colorado at Boulder with a B.A. in Sociology and a CUBIC Business Degree. Erik was part of the FMG investment team, working as an analyst on several FMG funds and focused on areas such as market research, portfolio optimization and due diligence.  In 2008 he moved to Malta to open the new FMG European headquarters, acting as General Manager & Investment Analyst. In 2012, Erik began focusing entirely on sales and distribution, specifically in Europe, the Middle East & Africa.

Mark Mallia

Mark Mallia

Portfolio Manager

Prior to joining FMG in June 2010, Mark worked in investor relations, wealth management and brokerage roles at both HSBC and GlobalCapital in Malta, amongst others. Apart from being an Associate Member of the Chartered Institute of Securities & Investment (UK), he has completed various professional qualifications in the field and is pursuing a Masters in Wealth Management. Mark currently focuses on investment operations, trading, research and investment portfolio management.

Paul Magro

Paul Magro

Risk Manager

Paul was born in Australia, though spent much of his adult life in Malta. He joined RiskCap International Ltd. after completing his PhD in Finance where he focused his research on hedge fund performance. Paul received his MSc in Finance and a B.Com (Hons) in Banking and Finance from the Universities of Bangor and Malta respectively. He is also a visiting lecturer at the University of Malta’s Banking and Finance department. Paul is responsible for risk management and quantitative research and is a paid risk management consultant to FMG.



We are continually looking for motivated professionals to complement our team. The entrepreneurial environment at FMG is dynamic and challenging, and each individual is encouraged to achieve their maximum potential supported by their colleagues. We recognize individual contribution and provide opportunities for advancement, professional growth and reward. If you believe you share our values, send us your CV at




June 19, 2017

“Investors hunt for hidden frontier market gems”

February 27, 2017

“Finding Macro Opportunities in Emerging and Frontier Markets”

December 20, 2016

“Iraq stocks poised for a rebound as ISIS loses grip”

September 22, 2016

“Malta’s service provider community sees good times ahead”

September 16, 2016

“What are the challenges stifling growth in African markets?”

September 13, 2015

“Asia EM equities seen bouncing along bottom as uncertainty reigns”

September 04, 2015

“FMG sees persistent volatility in its ‘Rising 6’ markets”

July 22, 2015

“View from the buyside: Time to get back into China A shares, says FMG”

February 7, 2015

“Oil price decline blessing in disguise for Iraqi stock market”


March 7, 2014

“Investing in Iraq: a frontier too far?”


March 5, 2013

“Malta has enjoyed a surge in popularity among financial services companies”

January 10, 2012

“Malta Lures Hedge Funds With 300 Days of Sunshine”


September 6, 2011

“Investing in Iraq: Ingenious or Insane?”

Social media & sharing icons powered by UltimatelySocial