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Jason Collins, partner at Resolution Asset Management's multi-manager boutique, said Maia would still include emerging market debt across all three of its funds, which span the managed sectors.

"Our asset allocation is very strategic, so we wouldn't reduce the exposure to reflect a short-term view on where markets are."

Mr Collins said the asset class was presenting investors with emerging opportunities such as credit and local currency debt. This enabled Maia's emerging market debt manager Blue Bay Asset Management to de-correlate from headline indices, he said.

"Emerging market debt gives more scope for asset managers than, say, UK corporate bonds. It's a very large and diverse asset class that's done very well since the crises at the end of the 1990s, but is still evolving quite considerably.

"Blue Bay places a great emphasis on capital preservation. It's a long-only mandate, but they will use derivatives to reduce risk. Whilst there is some beta in the fund, the return profile you can get may be different from the asset class."