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First State Investments’ UK funds make their own Brexit

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Australia’s First State Investments has announced plans to transfer EU-based investor’s assets, held within its UK-domiciled Oeic range, to its Irish Ucits-compliant funds ahead of Brexit.

The 18 funds affected by the move will continue to be run by the same portfolio management teams, the investment firm said in a statement.

First State’s Emea managing director, Chris Turpin, said the proposal was intended to protect investors, in particular EU-based clients.

It was being done “…to ensure that our EU-based clients can continue to invest in our strategies irrespective of the outcome of the Brexit negotiations,” he said.

Pending regulatory and shareholder approval, the transfer of assets will take place during Q1 2019.

The asset manager, which is owned by the Commonwealth Bank of Australia, also said it planned to set up a management company in Dublin next year to service and grow its EU client base, regardless of the Brexit outcome.

First State, which as of 30 June 2018 managed €137bn (£122bn) of assets, joins a growing list of global asset managers with London operations that have begun changing their businesses to ensure continued access to the EU as the UK departure from the regional grouping looms.

The funds included in the First State transfer are:

 

Fund name (OEIC/UK fund range)

 

to

 

Fund name (Irish fund range equivalent)

First State Asia Focus Fund   First State Asia Pacific Select Fund
First State Asian Property Securities Fund   First State Asian Property Securities Fund
First State Emerging Markets Bond Fund   First State Emerging Markets Bond Fund
First State Global Listed Infrastructure Fund   First State Global Listed Infrastructure Fund
First State Global Property Securities Fund   First State Global Property Securities Fund
First State Greater China Growth Fund   First State Greater China Growth Fund
First State Japan Focus Fund   First State Japan Equity Fund (similar strategy)
Stewart Investors Asia Pacific Fund   Stewart Investors Asia Pacific Fund
Stewart Investors Asia Pacific Leaders Fund   Stewart Investors Asia Pacific Leaders Fund
Stewart Investors Asia Pacific Sustainability Fund   Stewart Investors Asia Pacific Sustainability Fund
Stewart Investors Global Emerging Markets Fund   Stewart Investors Global Emerging Markets Leaders Fund (similar strategy)
Stewart Investors Global Emerging Markets Leaders Fund   Stewart Investors Global Emerging Markets Leaders Fund
Stewart Investors Global Emerging Markets Sustainability Fund   Stewart Investors Global Emerging Markets Sustainability Fund
Stewart Investors Indian Subcontinent Fund *   Stewart Investors Indian Subcontinent Sustainability Fund
Stewart Investors Latin America Fund   Stewart Investors Latin America Fund
Stewart Investors Worldwide Equity Fund   Stewart Investors Worldwide Equity Fund
Stewart Investors Worldwide Leaders Fund*   Stewart Investors Worldwide Select Fund
Stewart Investors Worldwide Sustainability Fund   Stewart Investors Worldwide Sustainability Fund

 

Jassmyn Goh

Jassmyn reported from Sydney to New York to Jakarta before joining Expert Investor. She was most recently Features Editor at Money Management and Super Review in Sydney.

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