Emerging markets

Announces chairman retirement

Outflows reached record $1trn last year

Sanctions lifted after 36 years

With the bears on a rampage, it is increasingly incumbent on those of us who regard ourselves as cautious optimists to get real about what could go wrong, writes David Stevenson.

The very different economies grouped under the emerging markets label offer contrasting prospects for investors. India, for example, continues on a gradual reform path and we believe its outperformance is not a quirk and should continue.

Stock exchange worth $200bn

For first time since 2011

Joint venture with Turquoise Partners

Sell becomes director of investment process

Did not expect the RMB to hold up