First State Stewart has warned it may be forced to soft-close its Dublin-domiciled range, including offerings from star manager Jonathan Asante and Angus Tulloch, if inflows continue at their current pace.
In a letter to shareholders seen by Investment Week, First State Stewart said it may be obliged to soft-close 11 of the 13 funds in the range which remain open, following strong demand from investors. Last year First State soft-closed its Hong Kong Growth and Indian Subcontinent funds. Stuart Paul, managing partner at First State Stewart, said: "As you may know, current regulations allow us to soft close our VCC funds and at this stage we felt duty-bound to highlight that we may be obliged to pursue this course for further VCC funds managed by our team if net inflows continue at their...
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