CNBC reports that Standard Chartered Bank’s Eric Robertsen predicted that Emerging markets could benefit from a political environment that looks set to become “more benign” following the victory of Democratic candidate Joe Biden in the U.S. presidential election.

“There’s quite a bit of cash sitting on the sidelines and that has been hiding in U.S. assets for a few years,” Robertsen, global head of research at Standard Chartered, told.

He explained that over the last 10 years, the S&P 500 stateside has “outperformed emerging market equities by 100%.”

That money could “potentially be deployed” into foreign and emerging markets, representing one of the “key potential pivots” following Biden’s election win over incumbent President Donald Trump, he said.

Asia is set to be the first region to benefit from this shift for two reasons, Robertsen suggested.

Firstly, he said: “Asia’s markets tend to be a little bit lower beta. In other words, a little bit lower volatility than some of (their) peers ... and cousins across other emerging markets.”

Robertsen said the other “incredibly powerful” factor is China, which has been a “strong recovery force” both economically and in terms of financial assets.