Australia’s First State Investments has announced plans to transfer EU-based investor’s assets, held within its UK-domiciled Oeic range, to its Irish Ucits-compliant funds ahead of Brexit.
The 18 funds affected by the move will continue to be run by the same portfolio management teams, the investment firm said in a statement.
First State’s Emea managing director, Chris Turpin, said the proposal was intended to protect investors, in particular EU-based clients.
It was being done “…to ensure that our EU-based clients can continue to invest in our strategies irrespective of the outcome of the Brexit negotiations,” he said.
Pending regulatory and shareholder approval, the transfer of assets will take place during Q1 2019.
The asset manager, which is owned by the Commonwealth Bank of Australia, also said it planned to set up a management company in Dublin next year to service and grow its EU client base, regardless of the Brexit outcome.
First State, which as of 30 June 2018 managed €137bn (£122bn) of assets, joins a growing list of global asset managers with London operations that have begun changing their businesses to ensure continued access to the EU as the UK departure from the regional grouping looms.
The funds included in the First State transfer are:
Fund name (OEIC/UK fund range) |
to |
Fund name (Irish fund range equivalent) |
First State Asia Focus Fund | First State Asia Pacific Select Fund | |
First State Asian Property Securities Fund | First State Asian Property Securities Fund | |
First State Emerging Markets Bond Fund | First State Emerging Markets Bond Fund | |
First State Global Listed Infrastructure Fund | First State Global Listed Infrastructure Fund | |
First State Global Property Securities Fund | First State Global Property Securities Fund | |
First State Greater China Growth Fund | First State Greater China Growth Fund | |
First State Japan Focus Fund | First State Japan Equity Fund (similar strategy) | |
Stewart Investors Asia Pacific Fund | Stewart Investors Asia Pacific Fund | |
Stewart Investors Asia Pacific Leaders Fund | Stewart Investors Asia Pacific Leaders Fund | |
Stewart Investors Asia Pacific Sustainability Fund | Stewart Investors Asia Pacific Sustainability Fund | |
Stewart Investors Global Emerging Markets Fund | Stewart Investors Global Emerging Markets Leaders Fund (similar strategy) | |
Stewart Investors Global Emerging Markets Leaders Fund | Stewart Investors Global Emerging Markets Leaders Fund | |
Stewart Investors Global Emerging Markets Sustainability Fund | Stewart Investors Global Emerging Markets Sustainability Fund | |
Stewart Investors Indian Subcontinent Fund * | Stewart Investors Indian Subcontinent Sustainability Fund | |
Stewart Investors Latin America Fund | Stewart Investors Latin America Fund | |
Stewart Investors Worldwide Equity Fund | Stewart Investors Worldwide Equity Fund | |
Stewart Investors Worldwide Leaders Fund* | Stewart Investors Worldwide Select Fund | |
Stewart Investors Worldwide Sustainability Fund | Stewart Investors Worldwide Sustainability Fund |