Booth: A Career in Emerging Markets and Global Finance
From the halls of Oxford to the forefront of global asset management, Booth has built a distinguished career characterized by a deep commitment to emerging markets. His professional journey spans government service, academic lecturing, and the leadership of major financial institutions, establishing him as a prominent voice in international finance.
Early Career and Academic Foundations
Booth began his professional trajectory at the Department of Trade and Industry, where he managed responsibilities related to multi-lateral development banks—financial institutions that provide loans and grants to developing countries. He later transitioned to Washington DC, serving as a strategic planning officer at the Inter-American Development Bank.
Parallel to his administrative roles, Booth contributed to academia as a lecturer in economics at Christ Church, Oxford, blending theoretical knowledge with practical application in global trade and development.
Leadership at ANZ and the Rise of Ashmore Group
In 1994, Booth entered the private sector by joining ANZ as the Head of Research for the Emerging Markets Group. His expertise led to his appointment as Head of Market Research for ANZ Investment Bank, where he held global responsibility for foreign exchange and fixed-income research (the analysis of debt instruments like bonds).
A pivotal shift occurred in 1999 when Booth participated in a management buy-out of ANZ Investment Bank. This move led to the creation of Ashmore Group plc, an asset management firm specializing in emerging markets. As the Head of Research and company spokesperson, Booth helped oversee the acquisition of the ANZ Emerging Market Fund Management, which held approximately $500 million in assets, and successfully listed the entity on the London Stock Exchange.
Advocacy for Emerging Markets
Throughout his tenure at Ashmore, Booth became a high-profile advocate for investing in developing economies. He famously argued that investors should allocate up to half of their portfolios to emerging market assets. This passion was noted by The Financial Times, which described him as "evangelical in his enthusiasm for emerging markets."
In 2014, he expanded his critique of traditional finance theory in his publication, 'Emerging Markets in an Upside Down World'. In this work, Booth argued that the financial community had fundamentally miscalculated risk, overestimating the dangers in emerging markets while underestimating the risks present in the developed world.
Later Ventures and Philanthropic Roles
Booth retired from Ashmore in 2013 to launch New Sparta, a London-based investment vehicle. Additionally, he is the principal shareholder of Notgoingtouni and New Sparta Productions.
Beyond finance, Booth has held numerous leadership positions in education and the arts. He is a former chairman of Anglia Ruskin University and the UK Community Foundations (UKCF), and serves as an honorary visiting professor at Cass Business School. His passion for music is reflected in his role as chairman of the Britten Sinfonia and as a board member of the Royal Philharmonic Society. He also previously chaired the Fitzwilliam Museum Development Trust.
Currently, Booth serves as a director of the Global Warming Policy Foundation.
Key Facts
- Ashmore Group plc: Co-founded via a management buy-out of ANZ Investment Bank in 1999.
- Investment Philosophy: Advocated for a 50% portfolio allocation toward emerging market assets.
- Key Publication: Author of 'Emerging Markets in an Upside Down World' (2014).
- Academic Ties: Former lecturer at Christ Church, Oxford, and honorary visiting professor at Cass Business School.
- Current Ventures: Founder of New Sparta and director of the Global Warming Policy Foundation.
| Period/Phase | Organization/Role | Key Focus |
|---|---|---|
| Early Career | Dept. of Trade and Industry / Inter-American Development Bank | Multi-lateral development banks & strategic planning |
| 1994 - 1999 | ANZ Investment Bank | Fixed-income and foreign exchange research |
| 1999 - 2013 | Ashmore Group plc | Emerging market asset management |
| 2013 - Present | New Sparta / Various Boards | Investment, Education, and Arts |
Frequently Asked Questions
What was Booth's primary contribution to Ashmore Group plc?
Booth was part of the management buy-out that established Ashmore Group plc from ANZ Investment Bank, serving as the Head of Research and the firm's primary spokesperson.
What is the central argument of 'Emerging Markets in an Upside Down World'?
The book argues that investors have historically overestimated the risks associated with emerging markets while underestimating the risks inherent in developed world markets.
Which educational institutions has Booth been affiliated with?
He has been a lecturer at Christ Church, Oxford, an honorary visiting professor at Cass Business School, and the chairman of Anglia Ruskin University.
What are Booth's interests outside of finance?
Booth is a keen musician and has held leadership roles with the Britten Sinfonia, the Royal Philharmonic Society, and the Fitzwilliam Museum Development Trust.
What is New Sparta?
New Sparta is a London-based investment vehicle established by Booth following his retirement from Ashmore in 2013.