Global Integration in Asset Allocation Strategy

As a portfolio manager for a global investment firm, you are tasked with formulating an asset allocation strategy that leverages the concept of global integration. Your client, a high-net-worth individual, has expressed interest in diversifying their portfolio across both developed and emerging markets. Discuss the main considerations you would take into account in constructing this asset allocation strategy.

Your answer should include an analysis of the potential risks and rewards associated with global integration, the impact of economic factors on different regions, and the role of currency fluctuations in asset allocation decisions. Additionally, consider the importance of aligning the strategy with the client's investment objectives and risk tolerance.