Emerging markets, recently back in investor favour, could be set to suffer once again after Donald Trump’s shock US election win – with exposed fund managers Ashmore and Aberdeen Asset Management cited as being in the firing line.

Trump's election campaign was defined by protectionist foreign policy pledges such as building a wall between the US and Mexico and imposing trade tariffs on China. Concerns are now growing that emerging markets, which this year have enjoyed an investing renaissance after several years of poor returns, will suffer again if the world's largest economy becomes harder to access.