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First State to shut global resources capability

hanging closed sign in shop window

Announcing the decision, Mark Lazberger, chief executive officer of First State Investments, said the group believes the asset class is becoming ever more specialised “with some investors increasingly using other means to gain exposure to these sectors”.

The closure of both the $90m (£64.5m) Irish-offshore fund and the UK Oeic and will not be immediate, with Warren and Lomnitzer retaining responsibility for managing the funds while the changes are implemented.

“Our primary responsibility is to our clients as we work through this process which will be subject to regulatory approval once a formal decision has been taken as to proceed,” said a statement from First State.

Launched in October 2003, the onshore First State Global Resources fund is ranked fourth quartile over one, three and five years in the UK Investment Association’s global sector to 20 February, according to FE.

Adam Lewis

Adam has been a freelance journalist and content editor since 2015. A journalist and editor with over 15 years experience, until 2015 he worked as editor of Fund Strategy for three years, and worked on...

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