Brexit: First State to transfer EU investors’ assets

First State Investments is to transfer EU investor assets in its UK-domiciled funds to Ireland-based equivalents.

The Brexit measure means euro class shares of 18 funds within First State’s UK-domiciled Oeic range will be exchanged for equivalent euro class shares of Ucits-compliant funds in Ireland run by the same portfolio management teams. 

Chris Turpin, a managing director at First State, said: “Our proposals are intended to protect the interests of all investors, and in particular to ensure that our EU-based clients can continue to invest in our strategies irrespective of the outcome of the Brexit negotiations.”

Investors in the First State UK OEIC range will receive the detail of the plans in October this year.

First State has operated Dublin-based pooled funds for almost 20 years.

The firm also said it was seeking approval to set up management company operations in Dublin in 2019 to ensure it is “well placed to service and grow its client base across the EU member states, regardless of the Brexit outcome”.

©2018 funds europe

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