First State closes fund as star global manager set to exit

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Global equity manager Habib Subjally is set to leave First State with the firm now in the process of closing his fund.

The firm’s head of global equities and Citywire A-rated manager Subjally had been running the $62 million First State Global Opportunities fund since he joined the firm in 2006.

He is remaining with First State to oversee the fund's closing and transition process as clients have the option to transfer their money to Worldwide Equity and Worldwide Sustainability funds. The firm said it is not looking for a replacement for the position of head of global equities.

Responding to Citywire Global on Subjally’s upcoming departure, a spokesperson for First State said:

'Following an internal review and after much consideration, First State decided to wind up their global equity offering managed by Habib Subjally and his team in London and focus on their two other global equity offerings – Worldwide and Worldwide Sustainability - managed by the First State Stewart team.’

The €45 million First State Worldwide Equity fund is managed by Stuart Paul while the €123 million First State Worldwide Sustainability fund, which was launched in November last year, is run by Citywire AA-rated manager David Gait.

'First State advises that the firm is in the process of migrating responsibility for affected portfolios to the Worldwide Equity Fund or Worldwide Sustainability Fund managed by the First State Stewart team,' the spokesperson added.

The firm said it is working with impacted clients through this transition period and will be communicating further details over the coming weeks, in line with regulatory requirements.

Subjally also previously ran the First State Global Growth fund which was closed at the end of 2011 after it failed to attract enough assets. At the time its investors were urged to reallocate their money towards his Global Opportunities fund.

Over the past five years, Subjally has returned 49% with the Global Opportunities fund while the average manager in global equities returned 28.07% over the same period.