The transfer was agreed in June 2007 when Dr Paul Jourdan, who has managed the fund since September 2000, moved to Noble from First State.
Jourdan has continued to run the fund for First State since joining Noble. It is now known as the CF Noble smaller companies fund.
The 10m fund has struggled in the past 12 months, losing 33.1 per cent compared with an average 27.1 per cent loss in the Investment Management Association’s UK smaller companies sector.
Jourdan, who is chief investment officer at Noble, says: “When the market begins to see through the current series of financial and economic problems, it would be fair to expect some very good performance from the best of these companies. Unfortun- ately, we cannot say right now when this might be but our job will be to position the fund effectively to benefit when this does happen.”
The move sees First State pull out of the UK equities market. Chief executive officer Charlie Metcalfe says: “First State has taken a strategic decision to focus on sectors such as infrastructure, property securities, global resources and developing our highly rated Asia-Pacific, global and emerging markets equities funds range.”