Jourdan joined the firm in June 2007 with the transfer of the fund agreed at this time.
Jourdan has managed the fund since September 2000 and has continued to run it for First State since joining Noble. The fund officially transfers to Capita and is now known as the CF Noble smaller companies fund.
The £10m fund has struggled in the past 12 months, having lost 33.1 per cent, compared to a 27.1 per cent loss in the IMA UK smaller companies sector.
Jourdan will manage the fund as part of his responsibilities as chief investment officer at Noble.
He says: “UK smaller companies have been under selling pressure for the last three years, and this has accelerated during 2008. 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. Unfortunately we can’t 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 product market.
First State CEO 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.”