Emerging market outflows are picking up speed as investments get redirected to Europe, primarily Spain and the UK, and leading indicators suggest that cumulative outflows since early 2013 could triple in the coming months. “Since cumulative inflows into Emering market equity funds reached a peak of $220bn in February last year, $60bn of funds have fled elsewhere,” writes Societe Generale analyst Alain Bokobza. “Given the exceptionally strong link between EM equity performance and flows, we think it plausible that funds are currently withdrawing double that from EM equity.” EM markets with current account surpluses could benefit The factors behind investors’…