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Transition of investment management responsibilities
Thursday, 13 November 2025
First Sentier Group (the Group), the global asset management organisation, has announced a strategic transition of Stewart Investors' (SI) investment management responsibilities to its affiliate investment team, FSSA Investment Managers (FSSA) , effective Friday, 14 November close of business EST.
Since the unexpected departure of three senior SI portfolio managers in August, we have been working to assess the longer-term impact of these exits. Many will recall Stewart Investors and FSSA Investment Managers share a rich heritage and operated collectively under the First State Stewart brand until 2015. This shared history and investment philosophy, combined with numerous positions FSSA as the natural choice to assume responsibility for these capabilities.
With an average investment experience of over 18 years and a geographical footprint in Hong Kong, Singapore and London, we are confident that FSSA’s investment capability, quality and breadth is best placed to deliver on our clients’ expectations. Given the history, and therefore the natural investment synergies, we believe that transitioning of investment responsibilities from SI to FSSA will strengthen our offering and will not affect the team in delivering on expectations.
We remain committed to supporting our clients throughout this period and ensuring a seamless integration of responsibilities to FSSA. Any questions can be directed to [email protected]
The portfolio management changes are set out below:
| Fund name | Current Lead / Co-Managers | Proposed Lead / Co-managers |
|---|---|---|
| Stewart Investors Asia Pacific and Japan All Cap Fund | Doug Ledingham / Nick Edgerton | Sree Agarwal / Martin Lau |
| Stewart Investors Asia Pacific Leaders Fund | Doug Ledingham / Jack Nelson / Chris McGoldrick | Martin Lau / Rizi Mohanty |
| Stewart Investors Asia Pacific All Cap Fund | Doug Ledingham / Jack Nelson / Chris McGoldrick | Sree Agarwal / Martin Lau |
| Stewart Investors Global Emerging Markets Leaders Fund | Jack Nelson / Doug Ledingham | Rasmus Nemmoe / Rizi Mohanty |
| Stewart Investors Global Emerging Markets All Cap Fund | Jack Nelson / Doug Ledingham / Tim Hay | Rasmus Nemmoe / Rizi Mohanty |
| Stewart Investors Global Emerging Markets ex China Leaders | Jack Nelson / Doug Ledingham | Rasmus Nemmoe / Rizi Mohanty |
| Stewart Investors Indian Subcontinent All Cap Fund | Jack Nelson / Doug Ledingham | Sree Mohanty / Rizi Mohanty |
| Stewart Investors Worldwide All Cap Fund | Nick Edgerton / Lorna Logan / Oliver Campbell | Nick Edgerton / Lorna Logan |
| Stewart Investors Worldwide Leaders Fund | Nick Edgerton / Lorna Logan / Oliver Campbell | Nick Edgerton / Lorna Logan |
Further information
Further questions should be submitted to [email protected]
Important information
In the UK, issued by First Sentier Investors (UK) Funds Limited which is authorised and regulated by the Financial Conduct Authority (registration number 143359). Registered office Finsbury Circus House, 15 Finsbury Circus, London, EC2M 7EB number 2294743.
In the EEA, issued by First Sentier Investors (Ireland) Limited, which is authorised and regulated by the Central Bank of Ireland. First Sentier Investors (Ireland) Limited is registered in the Republic of Ireland, No: 629188. Registered offices: 70 Sir John Rogerson’s Quay, Dublin 2, Ireland.
Elsewhere, issued by First Sentier Investors International IM Limited which is authorised and regulated in the UK by the Financial Conduct Authority (registered number 122512). Registered office: 23 St. Andrew Square, Edinburgh, EH2 1BB number SCO79063.
First Sentier Investors entities referred to in this document are part of First Sentier Investors a member of MUFG, a global financial group. First Sentier Investors includes a number of entities in different jurisdictions. MUFG and its subsidiaries do not guarantee the performance of any investment or entity referred to in this document or the repayment of capital. Any investments referred to are not deposits or other liabilities of MUFG or its subsidiaries, and are subject to investment risk including loss of income and capital invested.
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Where we use the word affiliate, we are describing investment teams that form part of the First Sentier Group – the legal structure of our affiliate investment teams varies – some affiliates are separate legal entities, some are not.
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