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Veterans Tulloch, Asante and Gait in major First State fund changes

Veterans Tulloch, Asante and Gait in major First State fund changes

Veteran fund managers Angus Tulloch, Jonathan Asante and David Gait are to step down from several fund management roles at Stewart Investors, the company has announced.

In a statement, the company, which is one half of First State Investments, said the trio would step back from a number of strategies as of 1 July 2016.

Citywire A-rated Angus Tulloch, who joined Stewart Ivory, as it was then known, in 1987, will step down from the First State Asia Pacific and First State Asia Pacific Leaders funds.

He has run the Asia Pacific fund since its launch in December 2013, while also having run the Asia Pacific Leaders fund since June 1998. Both will now be managed by David Gait and Sashi Reddy.

Meanwhile, Citywire A-rated Jonathan Asante, who is named across a host of emerging market equity funds, will also step back from a number of funds.

This will see him relinquish responsibility for the First State Global Emerging Market Leaders and First State Worldwide Leaders funds. Both of these will become the responsibility of Tom Prew and Ashish Swarup.

Meanwhile, Gait will hand over portfolio management responsibility for the First State Worldwide Sustainability fund. This will see Nick Edgerton, who was installed as a co-manager in July, named as lead on the fund.

Gait will continue to serve as a co-manager and retain responsibility for strategies such as the First State Global Emerging Markets Sustainability and First State Indian Subcontinent funds.

Elsewhere, Tom Prew steps down as lead on the First State Latin America fund, with Dominic St George taking it on. Prew will remain as co-manager.

Stewart Investors said the changes would not impact the culture, philosophy or processes of the funds.

It said in a statement: ‘These changes, as with others we have made over the years, must be seen in the context of the broader evolution of our business.

‘We operate in an industry still overly focused on individuals and our investment approach represents a balance between the collegiate and the individual.

‘We are very much a team, united by one investment philosophy, in how we research companies and make decisions, but we have been equally committed to providing clarity around individual portfolio responsibility.’

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