Foreign exchange fund managers investing in the emerging markets have made losses for the first time in two years due to the increased volatility, according to Virginia Parker, president of Parker Global Strategies, consultant and manager of managers, in Stamford, Connecticut.

On a reported basis, the Parker Emerging Market Index - designed for managers that run emerging market currencies as a separate asset class - has had losses of -0.88% in September. Overall, in the last 24 months the index, which represents six managers with assets totalling $350m (€415m), has posted a reported return of 38.09%.