First State Investments has announced changes to personnel and policy that will see the asset manage...
First State Investments has announced changes to personnel and policy that will see the asset manager step up its European expansion a notch or two ahead of the announcement of a new product believed to be on the way in the next couple of weeks.
Initial business on the continent is coming through partnership deals in Austria and Germany that have resulted in "a great reception", the company says.
Retail investors there are being offered access to a regular UK OEIC, which they can buy into in euros - the product is also priced in sterling for UK investors.
Authorisation to trade is next expected to come from regulators in Italy, Sweden and France.
The company's UK office is changing to reflect the new source of business, with head of retail sales Phil Jefferson switching his focus towards Europe, leaving the UK market to be guided by new director of UK retail sales Richard Jones.
First State is not expected to develop services enabling UK retail investors to buy into equivalent funds based in Continental markets as the firm has no presence managing assets of, for example, German funds.
In other moves, First State says it is repositioning Carol Cunningham as investment sales manager North instead of Warren Withington, who is to focus on links with insurance companies ahead of the publication of the Sandler Review and the outcome of CP121 and de-polarisation.
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