“No single event—even a major one—can throw emerging markets off course anymore,” says Ashar Qureshi, vice-chairman of Renaissance Group, the Russia-based investment bank. “Take Egypt, where we have investments and trade securities,” he continues. “Despite the crisis, stocks in companies based there haven’t shown the fragility many assumed they would.”

Qureshi’s involvement with emerging markets dates back to the early 1990s, when he was drafted to work on the privatization of Mexican telecommunications giant Telmex (Teléfonos de México, S.A.B. de C.V.) as a junior associate in Cleary Gott­lieb Steen & Hamilton’s New York office. “Emerging markets comes naturally to me. Maybe it’s something to do with being brought up in Pakistan,” he says. His specialization in this area gathered pace when, at age 27, he left the Big Apple to join Cleary’s highly regarded London capital markets team.

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