Pioneers and Specialists in Emerging and Frontier Market Investments

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The Russian Federation First Mercantile Fund remains closed for subscriptions and redemptions and produces monthly estimated prices only.



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 the funds’ investors extensive experience, disciplined risk management and dynamic investment solutions. The group includes privately held investment management companies based in Malta and Bermuda. 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 First Mercantile Fund Ltd

FMG (EU) Rising 3 Fund

FMG (EU) China Fund

FMG (EU) Iraq Fund


FMG (Malta) Ltd (“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.

Claire Camilleri Gauci

Claire Camilleri Gauci

Director & MLRO

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.

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.

Karl Tonna

Karl Tonna

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.



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, contact us.

 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.

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.




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”

February 7, 2015

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