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First State loses 10-strong global equity team to RBC GAM

First State loses 10-strong global equity team to RBC GAM

Ten of First State Investment’s global equity team are leaving the firm to join RBC Global Asset Management’s newly-formed unit in London.

The move sees a number of senior managers depart First State for the Canadian group, including former head of global equities, Habib Subjally.

Citywire Global previously reported on Citywire A-rated Subjally's upcoming departure at the end of last year.

In addition to Subjally, the new team includes a mixture of portfolio managers, senior analysts and quant specialists.

These are: Neil Abbott, Luis Benoliel, Marcus Lun, Jeremy Richardson, Julie Thomas, Dag Wetterwald, Perry Winfield, Ben Yeoh and Romain Scampini.

The team of specialists had previously managed US$2.5 billion in a variety of global equity strategies for institutions and private clients over the past eight years.

The new global equity team joins investment professionals at RBC GAM-UK specializing in emerging markets and European equities, as well as global and emerging markets fixed income.

In total, the London office currently comprises 34 investment professionals and staff, including five former First State global equity specialists who have already joined. That number will grow to 39 when Subjally and the remaining members of his team join in early March.

Commenting on the appointments, John Montalbano, chief executive officer of RBC GAM, said: ‘These expanded capabilities complement our existing breadth and depth of expertise across a wide range of global mandates, with a direct benefit to the individual and institutional investors we serve.’

RBC Wealth Management, the parent company of RBC GAM, oversees C$ 387 billion (US$355 billion) in assets under management. In 2010, the group purchased credit specialist BlueBay Asset Management.

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