Sao Paulo - A rout in emerging market assets is not the result of the US Federal Reserve's decision to scale down years of monetary stimulus, a senior Brazil-based fund manager for Credit Suisse Group AG said on Monday.
Luis Stuhlberger, who is chief investment officer of Credit Suisse Hedging Griffon and manages over 20 billion reais ($8.3bn) in assets for Fundo Verde, was speaking at a Credit Suisse event in São Paulo.
He explained the underperformance of Brazil, India, South Africa, Turkey and Indonesia in recent weeks as their lack of growth.
Also impacting on these emerging markets, he said, are deteriorating external and fiscal imbalances, lack of structural economic reforms and eroding policy credibility.