First State Stewart joint managing partner Angus Tulloch is stepping down from the role to concentrate on his fund management responsibilities.
Tulloch will continue to manage the £5.8bn First State Asia Pacific leaders fund and the £781m First State Asia Pacific fund.
He will also continue in his role as head of Asia Pacific excluding Japan.
Both of Tulloch’s funds have strong track records and are first quartile over five years in the Asia Pacific ex Japan sector, according to figures from the Investment Management Association.
The First State Asia Pacific leaders fund is up by 75 per cent over that period while the Asia Pacific fund is up by 72 per cent to May 14, 2012. First State soft-closed the Asia Pacific leaders fund in January.
Tulloch joined Stewart Ivory in 1988, which was subsequently bought by First State Investments. First State Stewart is First State’s equities team focusing on global emerging markets.
Chelsea Financial Services managing director Darius McDermott says: “Angus is a good fund manager with a strong track record. As long as he is running money, I am sure that investors will not be concerned.”