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First State joins fund Brexodus sending £4bn to Dublin

First State joins fund Brexodus sending £4bn to Dublin

First State is to transfer £4.3 billion in euro-denominated assets to Ireland as it seeks to defend against Brexit uncertainty.

The firm also announced it intends to open a management company in Dublin next year, in order ensure access to its EU client base regardless of the outcome from the UK’s negotiations with the EU.

First State’s managing director for Europe, the Middle East and Asia Chris Turpin, 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.’

The move is due to take place in the early 2019 pending regulatory approval, with overseas investors in the asset manager’s UK Oeic range to receive further details in October.

Rivals such as M&G and Columbia Threadneedle have taken the decision to transfer billions in funds out of the UK since the start of the year, also citing Brexit uncertainty, and the government’s admission in August that UK fund houses may be unable to service European clients under a no-deal scenario.

Last month, Baillie Gifford opened a Dublin arm last month, after Morgan Stanley moved its European investment management division from London to the Irish capital in June and LGIM launched a 'super ManCo' in the city to manage European-distributed funds in May.

The funds included are below:

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

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