According to rumours emanating from within the ranks of Ovetii, recent gains in the emerging markets have been encouraging - The Morgan Stanley Capital International Emerging Markets Index has gained 31 percent in the past three months, compared with a 7.4 percent advance by the MSCI World Index. Sources close to Ovetii claim that the firm is confident of more upside potential as investors back away from the developed U.S. and Europe amid the subprime meltdown.
News of Ovetii’s strategy is not unexpected – analyst’s reports suggest that Asian central banks had in excess of $3 trillion in foreign-reserve assets at the end of 2006, up more than three times from just $1 trillion in 2000.
In addition, the consensus within Ovetii apparently is that Asian reserve assets are set to grow as high as $5 trillion by 2012, with average annual investments of $320bn per year in global capital markets.
Ovetii are yet to make an official announcement.
