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First State's Thompson steps back from €7.6bn Asia Pacific fund

First State's Thompson steps back from €7.6bn Asia Pacific fund

Alistair Thompson, the Citywire AA-rated co-manager of the £6.3 billion (€7.6 billion) First State Asia Pacific Leaders fund, has stepped back from running the fund.

The fund will now be run by original lead manager Angus Tulloch with Richard Jones as co-manager, both + rated by Citywire.

‘Emphasising our team approach we review client portfolio responsibilities regularly and change co- and deputy management responsibilities from time to time.'

'As a result of the most recent review Richard Jones has replaced Alistair Thompson as co-manager of our Asia Pacific Leaders portfolio,’ a spokesperson for First State told Citywire Global's sister title Wealth Manager.

The fund’s approach is ‘unchanged’, First State confirmed, and Tulloch continues to have ‘the final say on all portfolio decisions’.

First State added that Thompson (pictured) remains a ‘full member of the First State Stewart team, working out of our offices in Singapore’.

Thompson joined First State in January 2003 from Edinburgh Fund Managers, where he worked for nine years and was head of Asia Pacific excluding Japan.

The First State Asia Pacific Leaders fund returned 16% over the three years to the end of December 2013. This compares to a rise of 7.55% by the MSCI AC Asia Pacific ex Japan TR USD, its Citywire benchmark, over the same timeframe.

Jones is also co-manager with AA-rated Martin Lau on the £1.5 billion First State Asian Equity Plus fund, which has returned 16.6% over the past three years in dollar terms.

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