An improvement in the US and Chinese economies would bode well for emerging markets going ahead, but more proof of improvement is needed before increasing allocations to them after the sharp runup in recent months, saidglobal head of wealth advisory services,, which manages over $572 billion of assets.Within emerging markets, the view on India is positive with the government's effort to ease taxes sending out a strong signal to global investors, said Lyster, in an interview to. Edited excerpts:The problem about easy money, and we saw this when America was doing it, is that there is diminishing effect. The ECB (European Central Bank) is probably not going to pump in a lot more but they are still doing huge amount of bond purchases every month and that will continue.This is not the end of easing by any means. But they might not add to it.The European economy is actually doing ok. Growth is a big problem in the world . There is growth but it is not very fast. Central banks can do very little. They have only a limited number of tools. In the eurozone, it has been disappointing that the central banks have used their tools, but a lot of economies for example France have missed the opportunity to undertake some reforms in their economies. What will be interesting to see is whether Brexit creates a bit of a wakeup call to the eurozone and ultimately, if it does, it could be seen as a good thing for euro, as it creates that catalyst for reform.We would expect a rate hike in December and then probably two next year, not more. The US economy will start improving. The US dollar strengthened about two years ago and that created a headwind for US exports. That effect is beginning to ease now. The US dollar has been a bit weaker this year. Gas prices which had fallen significantly also had a negative impact as it is a large gas producer but now we have seen a bit of a rise. Commodity prices have increased a bit. The Chinese producer price index is on the up for the first time in some time. All these things should deliver more growth in the US economy, and that should be good for emerging markets.Probably. When they actually do the rate hike, it probably will be a negative reaction. However, the positive news coming from increasing producer prices, bottoming out of the Chinese economy and improvement in the US economy, would be positive for emerging markets and outweigh the negative impacts.The US elections are coming up.There could be some short-term impact. If Hillary Clinton becomes President, markets would see it as another four years of Obama administration, there wouldn't be much change. They will probably take it in their stride. If Trump got in, there might be some positive reaction to that because he has got quite an aggressive tax reform plan which is liked by the market . Lower taxes tend to increase economic activity.There are some negative sides to Trump as well, one of which is that he seems to be anti-free trade. We suspect that a lot of that might be just rhetoric and these things take a long time to change. We don't think the impact either way would be significant. If rate increases in the US happen much quicker than they should, that would have an impact though it is highly unlikely.We wouldn't be underweight on them. Probably not that overweight because they have come up. There are no bargains anywhere. Markets are fairly fully priced. We believe we have seen the top of the bond market. Equity markets are pretty priced as well. We would probably see very modest returns from equity but one has to invest somewhere because cash is not earning any where much in investor markets. We would definitely have full weightings to equities including emerging markets. We want to see more clarity on global growth before we up emerging market allocations.We are positive on India. The reforms that Modi is trying to bring in make sense. The whole intestate tax reform is positive. Anything that is reducing taxes or making them easier can only increase economic growth. It is easier to say than actually do. It will be interesting to see how long it actually takes to implement and then to get the effects. But in the longer term it is very positive. It is a very good signal to the investment community throughout the world.A recent data about global trade showed quite significant increase in services as a percentage of global trade. It would be a positive for India being a big exporter of services. In the longer term, the relative strength of the economy seems to be in services sector.