SAO PAULO Feb 3 A rout in emerging market
assets is not the result of the U.S. Federal Reserve's decision
to scale down years of monetary stimulus, a senior Brazil-based
fund manager for Credit Suisse Group AG said on
Luis Stuhlberger, who as chief investment officer of Credit
Suisse Hedging Griffo, manages over 20 billion reais ($8.3
billion) in assets for Fundo Verde, said what explains the
underperformance of Brazil, India, South Africa, Turkey and
Indonesia in recent weeks is their lack of growth, deteriorating
external and fiscal imbalances, lack of structural economic
reforms and eroding policy credibility.
Stuhlberger spoke at a Credit Suisse event in São Paulo.