Message from the Chairman

20-20 members were early entrants to emerging market investing (in fact, the term "emerging markets" had yet to be coined when the group formed). We came together in 1990 to learn and share.

Learn more about economies in transition.  Share knowledge gained from pioneering leaders trying to transition their own economies.  Learn from each other about investment strategies that worked and those that didn't.  Share research and analysis of information gained at 20-20 events.  

Together we have witnessed epic geopolitical and economic change over the last quarter century:  newly formed emerging market companies quickly became world leaders in their industries; economic and financial information is now widely available, online and more transparent;  a host of institutions, organizations and networks now support the growth, development and stability of emerging and frontier markets.  With this vast opportunity comes changing risks which is why 20-20's mission of investment-focused education prevails.  In fact, I would suggest that it is even more critical today.  

How do you sort through and analyze the plethora of data (macroeconomic, sectoral, corporate, etc.) available at your fingertips?  How do those numbers transform into a competitive advantage for corporate and government leadership?  Where, and how, do those leaders aim to guide their organizations in the future?  What drives their decision making?  

20-20 doesn't claim to have all the answers.  Yet, this family of pioneering and intrepid investment executives meets twice a year to learn and share in the hopes of collectively defining and refining those answers.  

Please explore our site and contact us if you are interested in learning more.  

Ralph Layman
Chairman, 20-20 Investment Association

Board of Directors


Ralph is currently Chairman of 20-20 Investment Association, a non-profit emerging markets global peer group that engages in investment-related dialogue with key stakeholders in developing markets. Ralph is also the Managing Partner of Blue Ocean Management Partners.. Learn more

Vice Chairman

Tania is currently Vice Chairman of the 20-20 Investment Association, representing investment firms from all corners of the globe with particular interest in investments in developing markets. Tania was affiliated with Batterymarch Financial Management for 25 years as Chairman and CEO. Learn more

Board Director

James Donald is a Portfolio Manager on the Emerging Markets Equity team and Head of the Emerging Markets Group at Lazard Asset Management.  He began working in the investment field in 1985.  Learn more

Board Director

Drew J. Guff is a Managing Director and Founding Partner of Siguler Guff. He has over 30 years of private equity experience, investing across both developed and emerging markets.Learn more

Board Director

Louisa is a founder and Group CEO of WIPHOLD. Louisa has held positions at Standard Corporate and Merchant Bank and Development Bank of Southern Africa (during which time she was seconded to the World Bank in Washington DC), and the Lesotho National Development Corporation.  Learn more

Board Director

Gloria is a Founding Member and Executive Director of WIPHOLD and Chief Executive Officer of Wipcapital.  Learn more

Board Director

Diana Strandberg is a Senior Vice President and Director of International Equity at Dodge and Cox, an investment management firm in San Francisco. She has been with the company since 1988. Learn more

Board Director

Craig joined the Future Fund after 13 years working for both the Commonwealth Treasury and Australia’s sovereign debt manager, the Australian Office of Financial Management. Craig has been with the Future Fund since inception ...  Learn more

Board Director

Vera leads Wellington Management’s Emerging Markets Equity Team and manages emerging markets equity portfolios – a product she founded in 1994. She monitors investment opportunities in more than 30 countries in Latin America, Asia, Central and Eastern Europe, the Middle East, and Africa. Learn more