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First State to transfer up to £4.3bn to Ireland as part of Brexit prep

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First State Investments plans to transfer up to £4.3bn (€4.8bn) of assets from UK-based to Ireland-based funds as part of its preparations for the UK exiting the European Union next year.

European investors in 18 of the firm’s UK OEIC range will be automatically transferred to an equivalent Dublin-domiciled UCITS vehicle in the first quarter of next year, subject to the approval of investors and regulators, the company said in a press release.

The funds include equity, fixed income, property and infrastructure strategies and are run by either First State Investments or Stewart Investors, the company’s specialist equity subsidiary.

Chris Turpin, managing director for Europe, the Middle East and Africa at First State, said: “Our proposals are intended to protect the interests of all investors, and in particular to ensure that our EU-based clients can continue to invest in our strategies irrespective of the outcome of the Brexit negotiations.

“First State has operated Dublin-based pooled funds for almost 20 years and we have an established presence in Ireland.” 

First State said it would send further details of the transfer plans to investors next month, with formal arrangements to be confirmed in November after sign-off from the Financial Conduct Authority.

In addition, the asset manager said it was “seeing the necessary approvals” to establish operations in the Irish capital to provide services to its EU client base.

Affected funds

 UK fund Irish fund receiving

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

* The names of these funds will change to ensure consistency across both ranges

Source: First State Investments

First State’s plans follow similar moves made by M&G – which has transferred more than €45bn out of UK-based vehicles – and Columbia Threadneedle earlier this year.

According to IPE’s 2018 Top 400 Asset Managers survey, First State Investments ran nearly €13bn on behalf of European institutional investors at the end of 2017. It ranked 102 in the survey with €142.1bn of total global assets under management.

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  • QN-2546

    Asset class: Real Estate Equity Fund (non listed).
    Asset region: Europe.
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    Closing date: 2019-06-28.

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