One of the world's largest investment consultants has recommended that its clients take advantage of a dip in emerging market equities prices relative to the developed world, despite fears of rising commodity prices and the possibility of monetary policy being applied too tightly in these economies.

The firm's global investment committee, led by Robert Brown, has published a summary of its market views following the market volatility seen in August. The committee said: "We expect emerging market equities to outperform developed markets with a three to five year view, although this is not without risk."