Abstract: The present invention relates to a novel emulsifier which comprises at least one pregelatinized, crosslinked starch selected from a C2-C5 hydroxyalkyl starch and a C2-C18 acyl starch and at least one starch derivative containing a hydrophobic group or both a hydrophilic group and a hydrophic group, which has been degraded by reaction with an exo-enzyme capable of cleaving 1,4-alpha-D-glucosidic linkages from non-reducing ends of starch, but incapable of cleaving 1,6-alpha-D-glucosidic linkages of starch. Such emulsifier achieves stable compositions, which are salt tolerant and do not exhibit tackiness. Further, the emulsifier is ethoxylate-free and may be used in a variety of compositions, including cosmetic compositions.