F&C loses Pacific Assets Trust to First State

The Pacific Assets Trust has dropped F&C as its manager, handing the mandate to Angus Tulloch's First State Asia Pacific/Global Emerging Markets team.

The board points to the the trust's disappointing investment performance in recent years as a reason for the manager change. This is the second mandate F&C has lost this year. In February, Edinburgh Partners took over the £270m Eurotrust because of underperformance. More recently, the group announced its £45m F&C UK Select trust is to be wound up after failing to beat its benchmark for two years, while the board of F&C Commercial Property is considering a merger that would result in it being managed by Ignis. First State will take over Pacific Assets on 1 July, 2010 for an initia...