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Fidelity Asia star Liu steps down from UK fund
by David Campbell on Sep 03, 2013 at 11:55
Citywire Selection Asian equity manager Allan Liu is to step down from his UK-domiciled Fidelity South East Asia fund in order to focus on its Luxembourg sister vehicle, Fidelity Funds South East Asia .
Liu (pictured) will be replaced on the portfolio by Teera Chanpongsang, a Fidelity regional specialist who the group said had worked alongside Liu in its Hong Kong office for 19 years.
The handover will take place at the end of this year. In addition to regional mandates, Chanpongsang ran the $1.63 billion Fidelity Funds India Focus fund from March 2009 to last month.
‘We believe clients will be best served by our two South East Asia funds being managed by two separate managers,' said John Ford, Fidelity chief investment officer for Asia-Pacific equities.
‘Teera has built up a strong five-year track record in managing broad Asian regional mandates and he knows these markets in depth.
‘[His] appointment is an indication of the bench strength of our Asian investment team. He will be supported by a regional team with significant resources, including 48 analysts based all over Asia Pacific ex-Japan.’
Liu's Luxembourg-domiciled Sicav Fidelity South East Asia is available in a sterling shareclass, and over the past three years has returned 12.12% versus an average manager return of 20.2%.
Citywire Selection Verdict: Allan Liu will be passing over management of the fund to Teera Chanpongsang on 1st Jan 2014. Liu will however remain as manager of a Luxembourg version of the fund which is a near-replica and accessible to many. As a result we have decided to place the fund Under Review and will assess that decision over the coming months.
We traditionally view this fund as an aggressive pick for Asian investment, as it excludes Australia, New Zealand and India from its investments. It has struggled over the last few years with the big allocation to China failing to pay off. Recent performance has improved and long-term returns are impressive. It maintains large positions in the rapidly developing ASEAN countries, with an emphasis on Indonesia and Thailand and there are large stakes in Samsung and South Korea’s car companies Hyundai and Kia.
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