First State Investments’ newly-formed Stewart Asia team is readying three fund launches in a bid to establish a track record as a separate entity.
The asset manager split its First State Stewart team into two separate divisions at the end of June thus creating the Edinburgh-based Stewart Investors and the Hong Kong-based First State Stewart Asia entity.
Now the Asia-based company has registered three new funds - Asia Focus, Asia All Cap and the Japan Equity fund.
A spokesperson for the company said the funds will be launched at a later date, with a mandatory initial fee in place and with restricted capacity.
She added the objective behind launching the funds was for the First State Stewart Asia team to establish a track record in its new capacity as a separate team, after which it would look to sell the funds more broadly.
The launch of the funds will mean each of the First State Stewart entities will manage Asian funds.
However, the Edinburgh-based Stewart Investors team’s Asia-focused funds will be rebranded, subject to regulatory approval, later this year.
It runs First State’s GEM, Worldwide and Sustainability fund ranges, as well as most Asia Pacific funds, including Asia Pacific Leaders.
The Asia entity runs mainly single-country mandates within Asia, as well as the Asia Equity Leaders, Asia Select, Far East Leaders and Greater China funds.
Gavin Haynes, Whitechurch Securities’ managing director, reacted to the new launches.
“We rate Martin Lau and the team at First State Stewart Asia highly and the Asia Focus, with a wide remit, will certainly be a fund to watch.”
Mr Lau’s $2.9bn Asian Equity Plus fund has returned 490.2 per cent in sterling terms since launch in July 2003 compared to the 287.6 per cent by the fund’s MSCI AC Asia ex Japan benchmark index, according to data from FE Analytics.
