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Angus Tulloch bows out from Stewart Investors

Angus Tulloch bows out from Stewart Investors

Veteran Asia Pacific fund manager Angus Tulloch is bringing down the curtain on his 29-year investment career. 

Citywire A-rated Tulloch, 68, will retire from Stewart Investors on 30 September. 

The move comes after he stepped back from the Stewart Investors Asia Pacific Leaders and First State Investment Asia Pacific Leaders funds last July, passing them on to Citywire A-rated David Gait and Sashi Reddy. 

Tulloch joined Edinburgh-based Stewart Ivory in 1988, setting up the firm's global emerging markets arm in 1992 and subsequently launching the Scottish Oriental Smaller Companies (SST) investment trust in 1995. 

Comparable to his rival Hugh Young at Aberdeen Asset Management, Tulloch established a reputation as a cautious investor whose careful stock picking often shielded investors from the worst downturns in emerging markets.

Over the last 10 years his Stewart Asia Pacific fund returned 277%, beating the IA Asia ex-Japan fund sector average of 139%. 

Over five years, according to Citywire data, Tulloch generated an individual return on his funds of 67.1%, again ahead of the average Asia Pacific ex-Japan manager return of 53.1%.

In 2000 Stewart Ivory was bought by Colonial, the Australian fund manager that itself was acquired by Commonwealth Australia bank in the same year, and renamed First State Investments.

Two years ago the business split in two boutiques, Stewart Investors in Edinburgh where Tulloch worked and FSS Asia in Hong Kong.

A committed Scots nationalist Tulloch backed the vote for Scotland's independence in 2014, expressing his disappointment when the result went against him.

In a statement Stewart Investors said there had been a clear succession plan around Angus’s retirement. 'Angus handed over lead manager responsibility for Global Emerging Markets funds in 2008 and Asia Pacific portfolios in the first half of 2016.

'Everyone at Stewart Investors will be very sorry that Angus has decided to retire. We will all miss his boundless energy and enthusiasm for the world of investment.'

Adrian Lowcock, investment director at Architas, the multi-manager specialist, said: 'Angus is amongst the most successful fund managers in the UK and set the standard for his peers when it came to investing in Asian and emerging markets.

He added: 'By focusing on fundamentals and investing in large companies with sustainable cashflows and robust balance sheets meant his long-term performance was impressive.' 

Although Tulloch is stopping work as a fund manager, he is not quitting investment entirely as he will take on a non-executive director role of the ScotGems investment trust Stewart Investors hopes to launch later this year. 


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