A composite particle dispersion is prepared by mixing an aqueous dispersion of polymer particles which will form the particle shell with pre-formed polymer particles which will form the core at a temperature above the glass transition temperature for the shell particles. In order to ensure composite particle formation, certain interfacial energy criteria have to be satisfied for the core particle surface/shell particle surface/liquid interfaces. In order to allow the desired energy relationships to be established, the core particle surfaces include covalently attached ionic groupings which enable a permanent modification of the core particle surface to be made.