Emergency entrance
THE PREVIOUS Chancellor — whose name, now that I reach for it, escapes my grasp once more — is making a speciality of emerging markets. He is to be chairman of Taiwan Investment Trust, which is com- ing to the London market next month from Jupiter Tyndall. This will fit neatly with his other role as a director of the First Philip- pine Investment Trust, in the same stable. These emerging markets — some of them in countries still trying to emerge from debt — were the height of last year's investment fashion. This year they started to boil over, exemplifying my theory that an emerging market is one from which, in an emergency, you cannot emerge. Still, with these two trusts, Jupiter Tyndall's managers charge for their services in the ordinary way, what- ever happens, and charge extra if they out- perform the local market indices, whichev- er way those indices are going. So there should be enough to see the chairman right.
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