Prudential launches emerging markets debt local-currency fund

By Melissa Kory

Cleveland, April 7 - Prudential Investments said it launched the Prudential Emerging Markets Debt Local-Currency fund (EMDAX), which primarily invests in currencies and fixed-income securities denominated in the local-currencies of emerging market countries.

Many of these countries are growing faster, have less debt and maintain lower national budget deficits than their counterparts in developed countries, the company said in a news release.

Prudential Investments is the mutual fund family of Prudential Financial Inc., a financial and insurance product provider based in Newark, N.J.

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