For asset managers, the single most important variable in 2015 was emerging market exposure. Out of the sector's nine constituents, just two - Ashmore (ASHM) and Aberdeen (ADN) - ended the year with a lower share price than they started with. This should come as little surprise: both are weighted towards emerging markets, which suffered high volatility and their first year of net capital outflows since 1988, according to the Institute of International Finance.
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