On the right track

When Robert Fleming started financing railroad construction in the US at the end of the nineteenth century, he may not have realised his legacy would set a series of single-strategy hedge funds running, in London, more than 100 years later.

Although Fleming Family & Partners has a relatively short track record in managing emerging markets hedge funds - its first, an eastern European equity hedge fund, FCM European Frontier Fund, was launched last December - the Fleming family's involvement in emerging markets goes to 1873.

Back so far, in fact, that it was the family's patriarch, Robert Fleming who first got involved in the then-emerging market of the USA, financing railroads. Needless to say, his involvement proved successful and