Post by Fletchsmile on Nov 4, 2015 11:40:11 GMT 7
I've held quite a few First State Funds for years. I particularly like their Asia and EM funds, which have done well over the years relative to peers. Some I hold thru Singapore versions and some thru UK
Not really concerned about these changes. The thing more to kept an eye on for me is that they are a symptom of a wider issue that they are growing bigger as a result of their successes. They've soft closed a few of their funds in recent years as they have grown.
Issues as a result of growth and success is a theme that comes up again and again in the fund industry. Aberdeen had and continue to have similar issues with the size of some of their funds in recent years, and I'd be using FS more and more instead of Aberdeen when it comes to Asia and EM funds.
Some great funds, but need to keep an eye out.
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First State Investments - team restructure and fund name changes
Kate Marshall | Fri 30 October 2015
On 1 July 2015 First State Stewart restructured its investment team, which looks after the group's Asian and emerging markets equity funds.
The team split to form two new investment divisions - First State Stewart Asia, which is primarily based in Hong Kong; and Stewart Investors, primarily based in Edinburgh. The resultant teams both remain part of First State's global asset management business.
What is the reason for the change?
In recent years, First State Stewart has continued to grow in size. Their success has led to significant growth in the assets they manage and, in some cases, they have taken steps to limit inflows into their funds in order to protect existing investors. This also means the number of team members has increased over the years to ensure the amount of research and analysis required is not compromised.
As such First State views the separation as a natural progression. It will allow both teams to operate as smaller, flexible investment groups, which they feel is critical to their success in managing the portfolios.
What does this mean for investors?
There has been no change to the philosophy or process adopted by the teams, or to the lead managers running the funds. Existing investors should not, therefore, see any significant changes to their funds as a result of the team split.
From 2 November 2015, however, the funds managed by the Stewart Investors team will be renamed as follows:
....
Our view
In recent months we have met several senior individuals from First State to discuss the team restructure in detail. We are comfortable the decision to split the teams has not been taken lightly, or quickly, and that both teams are incentivised to remain focused on delivering good performance for their investors in the future. That said, we will continue to monitor how the teams and funds progress.
We continue to hold the Asia and emerging markets teams at First State in high regard, and we have confidence in their ability to outperform their respective markets over the long term. We do not feel any changes need to be made to existing portfolios, providing investors' objectives continue to be met.
www.hl.co.uk/funds/fund-news-and-investment-ideas/fund-news--and--alerts/first-state-investments-team-restructure-and-fund-name-changes
Not really concerned about these changes. The thing more to kept an eye on for me is that they are a symptom of a wider issue that they are growing bigger as a result of their successes. They've soft closed a few of their funds in recent years as they have grown.
Issues as a result of growth and success is a theme that comes up again and again in the fund industry. Aberdeen had and continue to have similar issues with the size of some of their funds in recent years, and I'd be using FS more and more instead of Aberdeen when it comes to Asia and EM funds.
Some great funds, but need to keep an eye out.
==================================================================
First State Investments - team restructure and fund name changes
Kate Marshall | Fri 30 October 2015
On 1 July 2015 First State Stewart restructured its investment team, which looks after the group's Asian and emerging markets equity funds.
The team split to form two new investment divisions - First State Stewart Asia, which is primarily based in Hong Kong; and Stewart Investors, primarily based in Edinburgh. The resultant teams both remain part of First State's global asset management business.
What is the reason for the change?
In recent years, First State Stewart has continued to grow in size. Their success has led to significant growth in the assets they manage and, in some cases, they have taken steps to limit inflows into their funds in order to protect existing investors. This also means the number of team members has increased over the years to ensure the amount of research and analysis required is not compromised.
As such First State views the separation as a natural progression. It will allow both teams to operate as smaller, flexible investment groups, which they feel is critical to their success in managing the portfolios.
What does this mean for investors?
There has been no change to the philosophy or process adopted by the teams, or to the lead managers running the funds. Existing investors should not, therefore, see any significant changes to their funds as a result of the team split.
From 2 November 2015, however, the funds managed by the Stewart Investors team will be renamed as follows:
....
Our view
In recent months we have met several senior individuals from First State to discuss the team restructure in detail. We are comfortable the decision to split the teams has not been taken lightly, or quickly, and that both teams are incentivised to remain focused on delivering good performance for their investors in the future. That said, we will continue to monitor how the teams and funds progress.
We continue to hold the Asia and emerging markets teams at First State in high regard, and we have confidence in their ability to outperform their respective markets over the long term. We do not feel any changes need to be made to existing portfolios, providing investors' objectives continue to be met.
www.hl.co.uk/funds/fund-news-and-investment-ideas/fund-news--and--alerts/first-state-investments-team-restructure-and-fund-name-changes
