The invention pertains to a polymer obtainable from the steps:
polymerizing a mixture, that is substantially free or organic solvents, of
ethylenically unsaturated monomers which consist for at least 70% of
methacrylates, and which comprises specific chain transfer agents,
.alpha.-methylstyrene dimer being preferred, to form a first polymer,
aqueous emulsion polymerizing a mixture comprising ethylenically
unsaturated monomers in the presence of the first polymer to form a
dispersion of a water-insoluble second polymer, wherein these steps are
preferably performed in the absence or the substantial absence of a
surfactant.