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The JPMorgan Emerging Markets Infrastructure Related Equity fund is set to go live in April 2008 and will be managed by Leon Eidelman.

The fund will mirror JPMorgan Asset Management’s existing Japan-domiciled £88.2m Emerging Infrastructure Equity fund, which was launched in December 2007.

Mr Eidelman said: "If you look at what is going on with urbanisation and GDP growth in the emerging markets it is such a strong story. Football stadiums in South Africa and rails for high speed trains all need building and there are a limited number of firms who can provide that. The opportunities are very exciting."

The fund will initially be launched as a Luxembourg-domiciled Sicav, but Mr Eidelman said there were plans to create a UK onshore offering as well.

"We are very excited to bring this to the European marketplace," he said.

"Infrastructure equity is a great subset of the asset class."

From launch on 12 December 2007 to 3 March this year, the Japan-domiciled JPMorgan Emerging Infrastructure Equity fund has returned 2.1 per cent, outperforming the Morningstar GIF Equity Global Emerging sector, which returned 0.7 per cent. The fund is ranked eighth out of 27 funds in the peer group.

Ben Yearsley, investment manager at Bristol-based Hargreaves Lansdown, said: "I like the infrastructure story in general. However, you do not necessarily need to go to the emerging markets to get good infrastructure plays. There are lots of opportunities in the developed world without the risk."

New York-based Leon Eidelman also runs the quant-driven JPMAM £99.8m Emerging Markets Value fund.