First State’s Asante takes on SJP mandate

First State’s emerging markets star manager Jonathan Asante has been given a mandate to run by St James’s Place.

The manager’s £4.2bn First State Global Emerging Markets Leaders fund imposed a 4 per cent initial charge on new investors who buy the fund in a move to discourage people allocating to it.

But now the manager will be helping run the St James’s Place Worldwide Opportunities and Worldwide Managed funds alongside managers from Select Equity Group and Burgundy.

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Mr Asante has managed the SJP Global Emerging Markets fund since his appointment in April 2010 and the company said he would “apply the same disciplined strategy to the broader global equity markets”.

The fund was run by Polaris Capital Management.

Elsewhere, SJP has said its UK and General Progressive fund will have 25 per cent of the portfolio run by BlackRock’s Luke Chappell, 25 per cent by the UK equity team at Majedie and 50 per cent run by J O Hambro Capital Management’s John Wood.

The UK Absolute Return fund will also now be run by Nigel Ridge and the mandate has been extended to “provide the manager with greater flexibility while retaining the overall objective.

The changes took place on October 7.