Statement re New Manager and New Adviser

For   immediate  release                                               18th June,2004




                      GENESIS EMERGING MARKETS FUND LIMITED
                                 (the "Company")

                   New Genesis Manager and New Genesis Adviser

The Board of the Company wishes to announce that Affiliated Managers Group, Inc.
("AMG"), an asset management holding company, has completed its acquisition of a
majority  equity  interest in certain operating businesses of  Genesis  Holdings
International Limited.

Pursuant  to  the  purchase  agreement entered  into  between  Genesis  Holdings
International Limited and others with AMG on January 23, 2004, as  part  of  the
transaction,  Genesis Fund Managers Limited, the Manager  of  the  Company,  has
transferred substantially all of its assets and certain obligations  to  Genesis
Fund  Managers, LLP ("New GFM"), and Genesis Investment Management Limited,  the
Investment  Adviser  of the Company, has transferred substantially  all  of  its
assets  and  certain  obligations to Genesis Investment  Management,  LLP  ("New
GIML").  Effective  immediately New GFM and New  GIML  will  commence  providing
investment management and advisory services respectively to the Company.

As  a result of this transaction, AMG has become the managing partner of New GFM
and  holds a 60% ownership interest in New GFM, and New GFM in turn holds a  60%
ownership  interest in, and has become the managing partner  of  New  GIML.  The
remaining  40%  of the ownership interest in New GFM and New  GIML  is  held  by
members  of  existing Genesis management. Genesis has advised the  Company  that
they do not anticipate changes in personnel or investment policy upon completion
of this transaction.


Enquiries:

Management International (Guernsey) Limited            Martine Stanley
                                                       Phone [phone]