Investors are taking risks because they are fed up with buying government debt, according to the chief executive of Aberdeen Asset Management, Martin Gilbert.
He said his customers poured money into Asian and emerging-market equities during the last three months of last year in a protest against poor returns from safer, fixed-income products.
"You're losing money before you even start with the yields out there," Mr Gilbert said. "If you take too much notice of the macro environment, you can miss some good opportunities."
Aberdeen's assets under management rose to £193.4 bn in the fourth quarter, from £187.2bn at the end of September. It won £10.8bn of new business.