F&C multi-managers switch from Tulloch

The F&C multi-manager team has sold its position in First State's Asia Pacific Leaders and switched into the Veritas Asian fund.

Angus Tulloch's First State vehicle was included in all of the F&C Lifestyle portfolios, except its Lifestyle Defensive, and both the F&C Multi-Manager Balanced and F&C Multi-Manager Growth portfolios. F&C head of retail multi-management Dean Cheeseman says the change was driven by the team's view the global economic recovery will be lead by the Asia Pacific region. The team believes these opportunities are more likely to be picked up by Veritas manager Ezra Sun - who demonstrates a more flexible approach, tilting his portfolios according to the economic environment and market opportu...