The Asia-headquartered asset managers have rolled out their first co-managed fund under a new agreement.

Mirae Asset Global Investments (Hong Kong) has launched a fund that it says is the first product run in conjunction with Daiwa Asset Management as part of a new arrangement.

The new product is called the Mirae Asset Next Asia Pacific Equity Fund. It seeks to achieve long-term capital growth by investing in Asia-Pacific including Japan equities in a number of industries. It is managed by Masaki Takebayashi, senior portfolio manager at Daiwa Asset Management, and Joohee An, senior portfolio manager at Mirae Asset Global Investments.

The portfolio managers will aim to capitalise on the companies’ research presence of 138 investment professionals in the region.

The two firms have since 2010 jointly distributed 14 funds in Korea and Japan, with a range including single country funds, thematic funds, a dividend equity fund and a fixed income fund. Daiwa Asset Management and Mirae Asset Global Investments intend to launch the latest fund in a range of markets.

The new fund is a sub-fund of the Mirae Asset Global Discovery Fund SICAV, a Luxembourg-domiciled UCITS. It will be registered for public distribution in selected jurisdictions in Asia and Europe and will be made available to both retail and institutional investors.