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How do you invest in emerging markets (EM) at a time when the wheels appear to be coming off the “Washington consensus” in several parts of the world?

This is the key challenge for Gary Greenberg, head of EM at Hermes Fund Managers. Like many investors, his basic long-term bet has been that developing countries would continue to implement free-market economic reforms over time. 

Money flowing into Africa-dedicated equity funds in the final month of last year reached $878.4m, the biggest monthly inflow in just over two years and four times the amount in the previous month, according to data provider EPFR, write Alexandra Stevenson and Andrew Bowman