Tulloch gives up business role at First State

Angus Tulloch, the star Asia Pacific fund manager at First State Investments, is stepping back from a business role to focus on looking after his funds.

Tulloch, 62, has steadily built the Edinburgh-based team since the 1980s when he joined Stewart Ivory, which Colonial First State later acquired. 

The company said he was giving up his role as joint managing partner to leave Stuart Paul, the remaining joint managing partner, in charge of client relationships and commercial affairs.

However, the veteran investor will continue in his role as head of Asia Pacific (ex Japan) equities, and continue to lead manage the First State Asia Pacific Leaders fund , a favourite of Citywire Selection, and the First State Asia Pacific fund . He will take on management of the Scottish Oriental Smaller Companies investment trust from April of next year.

Gary Withers, regional managing director for Europe, said the move did not signal a 'countdown' to retirement on the part of Tulloch.

'For some time Angus has said that he wanted to concentrate on the investment side,' said Withers. He added that as First State's Asian franchise had grown to include China and emerging markets, Tulloch had been drawn into attending more meetings in and outside the company.

Tulloch's decision to focus on his funds will relieve investors as it comes at an important time for the Asia Pacific. Tulloch has for some time expressed his concern about investor euphoria towards China and the fragile state of its economy.

Withers said Tulloch would continue to work closely with Paul and fund managers Martin Lau, Jonathan Asante, David Gait and Alistair Thompson, all of whom he has recruited. 'He is essentially the patriarch of that team,' said Withers.

Tullloch's team currently manages £28.4 billion in Asia Pacific and Global Emerging Market equity investment strategies.

The First State Asia Pacific Leaders fund is currently ranked third in the Asia Pacific ex Japan fund sector over five years with a total return of 80.7%.