Process for preparing a macromonomer using free radical-initiated aqueous emulsion polymerisation in a polymerisation reactor of at least one olefinically unsaturated monomer, which process employs a hydrophobic Co chelate complex as a CTA, a stabilising substance(s) for the emulsion polymerisation process and a monomer feed stage MF;wherein an aqueous pre-emulsified mixture A, comprising at least part of the Co chelate(s) employed, at least part of the stabilising substance(s) employed, and (i) a non-polymerisable organic solvent(s) and/or (ii) a polymerisable monomer(s) in unpolymerised or at least partially polymerised form, is contacted in the reactor with monomer(s) of feed stage MF at the beginning of and/or during the course of feed stage MF; and wherein in mixture A the weight ratio of (i) and/or (ii) to the stabilising substance(s) is in the range of from 10/1 to 1/10.