Devan Kaloo had a stark message for clients he visited in Spain last week: put your money into stock markets anywhere, “just not the US.”

“If you believe as I do that the US economy is going to slow down and the dollar’s going to be weaker, you need to start thinking about investing in other places,” Kaloo, global head of equities for British fund manager abrdn Plc, said in an interview Thursday in Madrid. “I really don’t mind whether it’s emerging markets or Europe or Japan. There is a relatively compelling story to talk about in all of these areas.”