Investors must shift their asset allocation to tap continued strong growth by the BRIC economies, according to the investment chief at the private banking unit of Emirates NBD, media reports said.

“Investors must appreciate the increasing importance of emerging markets at a time when a number of BRIC countries soon will no longer be considered 'emerging markets',” Gary Dugan was quoted as having said at the recent Private Banking World Middle East 2009 conference in Bahrain.

"Some of the emerging markets will receive much higher weightings in investors' portfolios, in line with the increased convertibility and credibility of their currencies," he said.

Strong performance by emerging market indices have underscored how these markets have been able to boost investors’ portfolios, although a number of these markets have been highly volatile in recent years. The Morgan Stanley Capital International BRIC Index has, since the start of January, delivered total returns of more than 92 per cent (including reinvested dividends).

Jamal Bin Ghalaita, group deputy chief executive officer, Emirates NBD, said the bank had an enhanced focus on private banking services, especially during a period when capital preservation and growth has never been more critical to the bank's clients.