View more on these topics

First State shuffles co-managers on four funds


First State has made a raft of changes to the managers on its emerging market funds, which has seen Tom Prew replace Glen Finegan on the £4.4bn First State Global Emerging Markets Leaders fund.

Prew will co-manage the fund with Jonathan Asante, who he has worked with since 2011 on the Ireland-domiciled $73m (£46m) First State Global Emerging Markets Select fund.

First State soft-closed its Global Emerging Market Leaders fund in September due to size concerns, after announcing the move in May.

Finegan will work with Asante on his new remit of co-managing the £35m First State Worldwide Equity fund.

In a separate fund manager move, Nick Edgerton is now working on the £71m First State Worldwide Sustainability fund with David Gait as co-manager.

Gait has become co-manager of the £861m First State Asia Pacific fund.

All manager changes were completed as of the end of July 2013. The lead managers on all four portfolios have not been changed.

Hargreaves Lansdown head of financial planning Danny Cox says: “With all these changes, you need to look at it in the context that the lead manager is still there.”

The JHC Partnership director Keith Iles says: “I wonder why First State has made these changes because the performance looks good.

“Surely, with so many changes, First State needs to provide a bit more of explanation as to the rationale behind these changes.”

First State declined to give a reason for the changes. 



Govt could force employers to regularly review auto-enrol schemes

The Government may legislate to require employers to review their pension scheme periodically due to fears about a lack of competitiveness following the introduction of auto-enrolment. A senior Department for Work and Pensions source says the Government is “nervous” about competition in the pensions market once employers have chosen their auto-enrolment schemes.  The source says: […]


Navigating the job market in the advice sector

Renewed optimism about the UK economy could be filtering through to recruitment in the advice sector. Specialist financial services recruitment firms are seeing a rebound in the jobs market, which reflects the FCA’s report of a 6 per cent rise in adviser numbers since the introduction of the RDR. But there are pockets of demand […]


Katie Trowsdale: Is the income story over?

At the start of the year we recommended income as a theme for investors as they continue their hunt for yield in a low interest rate, low growth environment. This has been a successful strategy year to date, especially for developed equities, with more defensive, higher yielding areas of the market taking the lead. With […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm