Sir David, a former executive director of the Bank of England and former chairman of the Securities and Investments Board, he is now a senior adviser at Morgan Stanley International.
The MSCI EAFE acronym stands for Morgan Stanley Capital International Europe, Australasia, and Far East.
Over the same period, the Morgan Stanley Capital International World index returned just 12% a year on average.
Instead, Vanguard's funds will track new rival products from Morgan Stanley Capital International.
An index of emerging-market shares compared by Morgan Stanley Capital International has fallen by about 16% from its peak in mid-April.
In 2000 Morgan Stanley Capital International, which tracks global stock markets via hundreds of indexes, promoted Greece out of the emerging-market category.
Since mid-1999 the U.S. and Japanese markets and the Morgan Stanley Capital International EAFE Index of European and Asian stocks are all off between 13% and 22%.
Since 1991 White's international portfolios have returned an annualized 11.2%, compared with a 9.4% annual return for the Morgan Stanley Capital International World ex U.S. index.
Emerging markets often spring such surprises, but the Morgan Stanley Capital International Emerging Asia Index is up 18% in the year to date, following four consecutive annual increases.
The Laudus Rosenberg International Small Cap Equity Fund is up an annualized 9.3% in the past five years while the Morgan Stanley Capital International EAFE Index gained just 3.2%.
The ray of hope will break through if Morgan Stanley Capital International's popular international stock index is altered, perhaps in early December, to place more weight on the percentage of a firm's shares that are publicly traded.
It is a joint venture between tidal technology provider Atlantis Resources Corporation, International Power and investment bank Morgan Stanley.
Morgan Stanley ( MS - news - people ) Capital International (MSCI) indexes, the developed markets of Europe and the Far East and the emerging-markets index.
Other competitors in the financial sector include: Morgan Stanley (MS), T Rowe Price (TROW), and American International Group (AIG).
The seed capital for China International Capital Corporation (CICC), which dominates domestic underwriting activity, was provided by Morgan Stanley back in 1995.
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