Holidaying investment professionals were jolted out of their sun loungers last month when extreme volatility across global markets forced them to switch on their BlackBerrys and respond to panicky emails from clients and colleagues.
China’s stock market rout throughout the summer, followed by the Chinese central bank’s unexpected decision to devalue its currency last month, prompted a rollercoaster week in markets on August 24.
The fallout for traditional fund houses with an emerging market focus, such as UK groups Aberdeen Asset Management and Ashmore, was clear. Both companies suffered a sharp drop in their share prices over the past month, with some analysts predicting further falls if the US raises interest rates later this year.
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