London-based Thames River Capital has reportedly restructured its emerging markets business to ward off increased competition for initial public offerings from, ironically, other teams within firm.

The firm’s emerging markets team will become a separate legal entity, dubbed Nevsky Capital, and will drop the Thames River brand from both its global emerging market and eastern Europe funds, which will be renamed Traditional Fund-Global Emerging Markets and Traditional Fund-Eastern European.

In an interview, the group’s sales director, Edward Morse, said the emerging markets team was losing out on its allocation of IPOs, particularly in eastern Europe, to other Thames River businesses, such as the global credit, European and property teams.

Nevsky Capital will continue to report to Thames River CEO Charlie Porter.

Thames River was formed in 1998 and currently manages more than US$9 billion in assets.