WASHINGTON-The offshoring of complex, "knowledge-based" functions, coupled with the explosion of wealth and urbanization in emerging markets, demands that fund companies go truly global. That means not only increasing outsourcing but also offering products in the far reaches of the globe.

"Emerging markets are deeply integrated into the global economy," said Jeffrey Garten, professor of international trade, finance and business at the Yale School of Management and former undersecretary of commerce for international trade under the Clinton administration.

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