Ashmore Investment Management launched the Balkan Regeneration Fund, an institutional mutual fund that will invest in a variety of assets in Balkan countries, with particular emphasis on Serbia and Montenegro, according to Tony Kane, an Ashmore director. The $20 million closed-end fund invests in fixed-income hard and local currency instruments and equity investments, both public and private, distressed and current. "We know that area extremely well, said Mr. Kane. "The economy there will be rebuilt, and there are some interesting things to be done. We are already active in the government debt market in the former Yugoslav republics.