NEW YORK-It used to be that investors saw so-called emerging markets as deep pools of resources that helped fuel the powerhouse economies of Western Europe and the United States. Investing in international stocks seemed like a smart strategy, but only safe enough for a small portion of one's portfolio.

But the times, they are a-changin', and so are the roles of international-especially emerging-markets in the global economy, representatives from Mellon Financial's various asset management boutiques said during a presentation here last week.

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