One of the City of London's top financial stock pickers has cooled his interest in western banks and turned his attention to resurgent emerging markets, as the threat of a double-dip recession continues to loom over developed economies.

Philip Gibbs, co-manager of the £1bn Jupiter Financial Opportunities Fund, told investors at an event in London's West End last night that he was 'categorically focused' on emerging market economies, or at least on western companies that faced in their direction.