First State Investments is set to shift up to £4.3bn of its client assets from its UK-domiciled OEIC funds to its Dublin-based funds in preparation for Brexit.

The move will impact 18 strategies including the First State Greater China Growth Fund, Global Property Securities Fund, Asia Focus Fund, and Emerging Markets Bond Fund.

Stewart Investors funds, including the Global Emerging Markets Leaders, Asia Pacific Fund, Global Emerging Markets Funds, and Worldwide Sustainability Fund, have also been affected by the move.

The affected vehicles will continue to be managed by the existing portfolio management teams.

The asset transfer is set to occur during the first quarter of next year, subject to shareholder and regulatory nod. Investors in First State’s UK range will receive further details on the asset transfer next month.

At the same time, the company also plans to launch a management company in Dublin in 2019 in a bid to ensure uninterrupted access to its European Union (EU) clients regardless of the result of Britain’s negotiations with the EU.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

First State managing director 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.”

Several financial firms have zeroed in on Ireland as their next EU base amidst Brexit uncertainty.

Earlier this year, Columbia Threadneedle unveiled plans to transfer its EU client assets to its Luxembourg range while Legal & General Investment Management secured regulatory approval for its new management company in Dublin.

As part of their Brexit strategies, asset managers Baillie Gifford and Ashmore also announced plans to open offices in Dublin.