Bric

EM labels are ‘unhelpful and outdated’

‘The BRIC concept is a distraction’

Searching for income further afield

THE BIG QUESTION

EMERGING MARKET

EMERGING MARKETS

Kunal Ghosh, the new San Diego based manager of the Allianz BRIC Stars fund, has begun to tilt the portfolio away from its titular focus in favour of smaller emerging markets.

Michael Konstantinov, manager of the £356m Allianz BRIC Stars fund, is to leave the group to pursue other opportunities.

Brazil has raised its benchmark interest rate to 9% from 8.5% in a further attempt to rein in inflation, following the dramatic sell-off in the country's currency.

UK EQUITIES