In a new twist, two rival managers, South Korean Mirae Asset Global Investments, which has $73 billion under management, and Japan's Daiwa Asset Management, which looks after $125 billion, have asked two of their best stock pickers to run a fund together.

Mirae's Hong Kong office has agreed that one of its senior stock pickers, Joohee An, will co-manage the Mirae Asset Next Asia Pacific Equity Fund alongside Masaki Takebayashi of rival asset manager Daiwa. Takebayashi will look after the Japanese stocks for the fund which launched November 2, while An will have a broader regional focus.