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Dalrymple quits First State to set up own boutique

First State Investments global opportunities fund manager Andrew Dalrymple is leaving to set up his own boutique.

The 65.4m fund will be taken over by First State global growth fund manager Habib Subjally, who also runs the global equities portion of the First State balanced fund.

Dalrymple is thought to be launching a global long/short equity hedge fund but details are not yet known.

He joined First State in 1998 and has run the global opportunities fund since its launch in August 1999. He started his career at Cazenove in 1984, where he specialised in Asian equities.

The Standard & Poor’s AA-rated fund is ranked 10th out of 140 peers over three years, returning 76.2 per cent against a sector average of 44.2 per cent.

Subjally joined First State in April as the head of glo- bal equities. He previously held roles at Credit Suisse and Invesco.

Chelsea Financial Serv- ices managing director Darius McDermott says: “This is a loss for First State. I will be switching the fund from a buy to a hold in the short term.”

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