View the article online at http://citywire.co.uk/money/article/a589498
Tulloch gives up business role at First State
Angus Tulloch, star Asia manager at First State Investments, is stepping back as a managing partner but has no plans to retire or stop running his funds.
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%.
News sponsored by:
After Boris announced he was backing Brexit, sterling suffered its biggest slump in six years. Our Market Mavens discuss. Follow the Market Mavens LinkedIn page for weekly videos, in which our panel of industry experts share their views on financial news
The Citywire guide to investment trusts
In association with Aberdeen Asset Management
More about this:
Look up the funds
Look up the investment trusts
Look up the fund managers
Tools from Citywire Money
From the Forums
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add email@example.com to your safe senders list so we don't get junked.