First State in Global EM Leaders fund co-manager switch

First State Investments’ Glen Finegan, who co-manages its £4.2bn Global Emerging Markets Leaders fund with Jonathan Asante, has given up the role after just two years, Investment Adviser understands.

Mr Finegan - who was appointed to the fund in January 2011 - has been replaced by Tom Prew, who has been managing the offshore £46.2m First State Global Emerging Markets Select fund with Mr Asante since September 2011.

Mr Finegan has instead been appointed as a co-manager with Mr Asante on the £35m First State Worldwide Equity fund.

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He continues to co-manage the £723m First State Global Emerging Markets fund with Mr Asante.

The reshuffle comes as First State will tomorrow bring in ‘soft close’ measures to prevent new clients from investing in the fund by adding a 4 per cent initial charge, in order to prevent its performance from being damaged by excessive size.

The Global Emerging Markets fund has already been soft closed, but the Worldwide Equity fund remains open to new investment.

Mr Finegan joined First State Investments’ Global Emerging Markets/Asia Pacific ex-Japan team in October 2001 as an analyst. Prior to First State, he worked at Wood Mackenzie as an Asia Pacific analyst.