Update: First State Global Agribusiness manager exits ahead of fund closure

Assets fallen by £40m

Daniel Flynn
clock • 1 min read

Renzo Casarotto, co-manager of the First State Global Agribusiness fund, has left the firm, as it prepares to shut the product after assets fell to £9.6m.

The fund had AUM of around £51m at its peak in 2013, but these fell to below £20m last year and to £9.6m in February this year.  Co-managed by Casarotto and Mario Maia, the fund will close on 1 May; Casarotto left the firm in December, the firm has confirmed. Maia, who took over co-manager responsibilities from July 2015, will remain at First State within its global resources team. A group spokesperson confirmed the closure, and said: "This action has no impact on the Global Resources (core mining and energy) equities strategy and underlying fund, the First State Global Resources f...

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