First State Stewart take over Subjally’s former Global Opps fund

First State Investments has taken steps to rebrand its First State Global Opportunities fund, with First State Stewart taking over management of the portfolio.

The firm first began plans to wind up the Global Opportunities fund back in September 2013 after its former manager Habib Subjally announced his departure from First State.

Clients were given the choice at this time to move money either to the £37m First State Worldwide Equity or £110.3m Worldwide Sustainability funds, both managed by First State Stewart.

First State Stewart specialises in emerging market, Asia Pacific and global equity investing as part of the wider firm based out of Edinburgh, Singapore and Hong-Kong.

However in a note issued to investors First State is now proposing that First State Stewart take over management of the Global Opportunities fund.

The fund will also be rebranded as the First State Worldwide Leaders fund as part of this move.

A spokesperson for First State says: “Following an internal review and after much consideration, First State decided to wind up their global equity offering managed by Habib Subjally and his team in London and focus on their two other global equity offerings managed by the First State Stewart team; Worldwide Equity and Worldwide Sustainability. This decision was effective 5 September and was communicated to clients at that time.

“As part of the migration of Global Equities the Global Opportunities Oeic and VCC funds will be renamed First State Worldwide Leaders and will be managed by the First State Stewart team.”

First State Stewart are also currently responsible for managing the two of the firm’s flagship mandates, the £756.7m Asia Pacific and £718m Global Emerging Market funds.