First State steps up closed-end presence

First State Investments is aiming to increase its presence in closed end funds, with the appointment...

First State Investments is aiming to increase its presence in closed end funds, with the appointment of Lucy Allan as head of investment trusts from UBS. Allan, formerly head of investment trusts at Gartmore but more recently at UBS on a fixed contract basis, joins First State on 20 August. This follows the retirement of Teddy Tulloch, head of investment strategy, at the end of August. She will report directly to Stuart Paul, chief investment officer. Paul said: 'We do not regard our presence in investment trusts as deep enough at present. For us, investment trusts should be another av...