Exhibit 14.(b)
CONSENT OF INDEPENDENT AUDITORS
We consent to the reference to our firm under the captions "Management of Each
Fund" and "Financial Statements and Experts" and to the use of our report dated
December 20, 2000 with respect to DLJ Developing Markets Fund (one of the funds
comprising DLJ Opportunity Funds), which is incorporated by reference, in this
Registration Statement on Form N-14 of Warburg, Pincus Emerging Markets Fund,
Inc.
/s/ ERNST & YOUNG LLP
New York, New York
December 22, 2000
