The classification of an investment management strategy as emerging markets is irrelevant and only serves fund managers that want to charge higher fees, according to global equities manager Dundas Global Investors director Alan McFarlane.

"We don't make the distinction between developed markets and emerging markets; that's yesterday's story," he said.

"There is just one world now. If you look, for example, at countries like China or India, they are superpowers in their own right," McFarlane said.

McFarlane has been in the business for over 30 years and is best known for his role as former Walter Scott chief executive, a position he held until 2009.

He has now established his own global equities firm, Dundas Global Investors, and teamed up with Apostle Asset Management to distribute the strategy in the Australian market.

McFarlane is not shy when it comes to views on fee structures.

"One of the reasons investment managers and asset consultants use the emerging markets label is so they can charge higher fees," he said.

"But let's not kid ourselves. It doesn't take more time or money to do the research." he said.

McFarlane said that technological advancements have made the gathering of information on companies much easier and this has reduced the cost of research.

"When I started as an analyst it was 95 per cent data capture and 5 per cent judgment. Now, my job is probably 80 per cent judgment and 20 per cent data capture," McFarlane said.

"It's easier to get information, but that's not reflected in the pricing in the industry."

"One of the reasons I became a 'stock jockey' again is the enormous amount of information available," he said.

McFarlane illustrated his point by a recent analysis of 10 Indonesian companies.

"Within an hour I had downloaded the annual reports and made appointments to speak with senior management. That process would have taken months when I started," he said.

McFarlane left Walter Scott in 2009, three years after the firm was bought by US-based Mellon Financial (now BNY Mellon).

He said his decision to exit the firm was made because he felt there was nothing more he could achieve there.

"I wasn't ready to retire yet, but there wasn't anything I could add there. The firm was in good shape," he said.

Dundas opened in 2010 after obtaining the required approvals and is looking to target institutional investors through its contract with Apostle.

"Global stocks might not always offer as good a dividend yield as Australian stocks, but their potential for capital growth is higher," McFarlane said.

"Capital and dividends are equally important. They need to be treated for what they are and not be mixed up in some chef concoction," he said.

McFarlane said his approach to investing will be largely a continuation of the fundamental, bottom-up style adopted during his time with Ivory and Sime.

McFarlane, who is based in Edinburgh, is supported by a team of four investment professionals and they aim to exceed the MSCI All Country World Index by 2.5 per cent per annum, after all fees and expenses, on a rolling five-year basis.

The fund will invest in 60 to 100 leading global companies from developed and emerging markets with a minimum stock capitalisation of US$1 billion.