Ask any financial adviser to recommend an emerging markets fund and the same names will crop up time and again: Aberdeen, First State, Templeton and JPMorgan. The sector remains dominated by a few select fund groups that have benefited immensely from investors' growing interest in emerging markets. On average, these groups hold around $50bn (£31bn) in assets - Aberdeen holds around this much in its Asia franchise alone. Consequently, many funds have reached a point beyond which capacity issues could start affecting performance, with many being soft-closed. Meanwhile, the emerging markets veterans spearheading many of these emerging markets mandates are approaching retirement age. Time for a changing of the guard?