First State launches offshore Asia Pacific and GEM funds

First State Investments is launching offshore versions of its Asia Pacific and Global Emerging Markets funds.

The First State Asia Pacific Select and Global Emerging Markets Select funds will be domiciled in Ireland and run by the same highly-regarded team behind the onshore versions.

Although both funds will initially only be available to institutional investors, the introduction of a retail share class is planned for later this year.

Managed by Alistair Thompson, the Asia Pacific Select fund will be a focused portfolio of larger companies. It will use the MSCI AC Asia Pacific ex Japan index as a benchmark. Jonathan Asante will run the Global Emerging Markets Select fund, which will have the same focus on larger companies. Its benchmark is the MSCI Emerging Markets index.

Each fund will have around 50 holdings and a significant overlap with the existing onshore Asia Pacific and Global Emerging Markets funds. Both portfolios will be dollar-denominated.