The balance of financial power is moving toward emerging markets , such as Asia and Latin America, James McCaughan, CEO of Principal Global investors, one of the largest asset management firms, told CNBC on Friday.
"For the next ten years, I would suggest that equities will be number one—with U.S. and emerging market equities probably the best place to be," McCaughan said.
"The change in emerging markets because of the economic change that happened in the 90's, a move towards market economies, has been a tremendous wealth generator, and long-term that will continue to be the case," he said.