Gartmore sees Korean recovery

Philip Ehrmann, head of Pacific and emerging markets at Gartmore, says that he is taking advantage of signs of a domestic recovery in South Korea in his Emerging Markets Opportunities fund, and has switched from Thai financial stocks into Korean financial stocks. In Korea, banks’ fourth-quarter results were encouraging, showing stronger-than-expected margins, loan growth and fee income. Ehrmann expects GDP growth to accelerate in the second half of 2004, improving operating earnings.