A decoupling of global equity markets is likely to take place as national economies continue to move in different directions, Schroders said.
The theory that emerging markets can continue to grow, despite a downturn in the US, was declared by many investors as a myth after markets around the world plummeted during the financial crisis.
But the fundamental differences between developed and emerging market economies will eventually see stock markets follow suit, according to Schroders senior global portfolio manager and head of US equities Jonathan Armitage.
"It is not surprising that markets performed in a very similar way during the events in the fourth quarter of last year, because you saw economic activity stall everywhere," Armitage said.
"A lot of that was due to the lack of availability of credit, even for some relatively simple transactions. That was a global phenomenon."
In recent months emerging markets have shown strong growth, partly driven by the huge Chinese stimulus package announced in November last year.
"China continues to perform very differently than Germany or the US. There has been economic decoupling," Armitage said.
"You haven't necessarily seen a lot of that in markets, but our expectation is that you will see differentiated performance in markets."
Armitage expects emerging markets to continue to grow faster than developed markets.
"You've got structural benefits in terms of emerging consumers, and you have relatively young workforces," he said.
"Some of the developed markets, particularly in continental Europe, are going to find that their growth will be lower than in Asia, ex-Japan."
Armitage was in Australia to promote Schroders global equity products.
He recently relocated from New York, where he spent more than six years, back to London to build Schroders' global equity operations.
He will continue to lead the US equity team.
