First State winds up Subjally’s Global Opportunities fund

First State Investments is closing down Habib Subjally’s £39.3m First State Global Opportunities fund following an internal review.

Mr Subjally joined First State as head of global equities in 2006 but the firm has decided to shut his fund to focus on Jonathan Asante’s Worldwide Equity fund and David Gait’s Worldwide Sustainability fund.

A First State spokesperson said the firm had decided to wind up Mr Subjally’s fund after an “internal review” and the process had started in September.

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The spokesperson said: “First State advises that the firm is in the process of migrating responsibility for affected portfolios to the Worldwide Equity fund or Worldwide Sustainability fund managed by the First State Stewart team.

“First State is working with impacted clients through this transition period and will be formally communicating to clients with further specific detail over the coming weeks and will be in line with regulatory requirements.”

The First State Global Opportunities fund had been in the top quartile for performance in the IMA Global sector in the past one and three years and had been outperforming Mr Asante’s Worldwide Equity fund since the latter fund was launched in June 2011, according to data from FE Analytics.