For investors, this global reality was the rise of emerging markets, a phenomenon not captured by market indexes. Power said 85 per cent of global economic growth would come from emerging markets in the next decade, but these markets were currently only given a 15 per cent weighting by the MSCI.

But this would change. The All Country World Index, which Power suggested was the most appropriate benchmark for global equity investors, would be a “fluid index” and over time include more stocks from emerging markets as they met the capitalisation and liquidity requirements set by MSCI.

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