First State shuffles management on Tulloch’s Oriental trust

First State manager Martin Lau is set to step down as a direct portfolio manager for the Scottish Oriental Smaller Companies trust as Wee Li Hee prepares to return as a lead manager following maternity leave.

Lau has co-managed the trust alongside First State’s Angus Tulloch during Hee’s maternity leave.

The plan for Hee to take on a new role as principal stock selector for the trust was first announced back in 2013 following the retirement of the fund’s former lead manager Susie Rippingall.

Lau is set to step back from his role as of 1 July with Hee taking over as a manager for the trust thereafter.

Although no longer directly involved in management of the trust Lau will continue to generate investment ideas for consideration by its portfolio management team.

Tulloch will remain as co-manager of Scottish Oriental Smaller Companies while Tom Allen will also continue as deputy of the trust.