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The new vehicle will invest solely in emerging market commodity stocks and is designed to give investors access to some of the world's fastest-growing and most important commodity companies.

It will be managed by Allan Conway and Robert Davy and will look to outperform a customised MSCI EM Commodity index by 2 per cent gross of fees over three-year rolling periods.

Mr Conway said: "Demand and supply of commodities is increasingly an emerging market story.

"Production of commodities such as copper, aluminium and steel is increasingly coming from the developing world, while demand from emerging market countries such as China and India is rising rapidly.

"Emerging market commodity stocks are not only attractive in terms of the long-term secular demand story, but additionally they are not expensive relative to their global peers."

The fund is domiciled in Luxembourg and is Ucits compliant.

Neil Bridge, head of UK sales, said Schroders hoped to have a sterling share class by the autumn, and if demand was strong enough they would consider launching an onshore unit trust version for investors.

The fund will be benchmarked against the MSCI EM Energy and MSCI EM Material sectors weighted by market cap, but it is also able to invest in other commodity related companies including those engaged in agriculture.

The group also recently launched an onshore Korean version of the fund in April this year, which has so far has raised $50m (£25m) and currently is up around 1.3 per cent ahead of its benchmark.

Minimum investment: £1,000

Intiial charge: 5:25 per cent

AMC:1.5 per cent