A rout in emerging market assets is not the result of the U.S. Federal Reserve's decision to scale down years of monetary stimulus, a senior Brazil-based fund manager for Credit Suisse Group AG said on Monday.

Luis Stuhlberger, who as chief investment officer of Credit Suisse Hedging Griffo manages over 20 billion reais ($8.3 billion) in assets for Fundo Verde, said what explains the underperformance of Brazil, India, South Africa, Turkey and Indonesia in recent weeks is their lack of growth, deteriorating external and fiscal imbalances, lack of structural economic reforms and eroding policy credibility.

Stuhlberger spoke at a Credit Suisse event in São Paulo.