Why First State Stewart split is worth a closer look

Why First State Stewart split is worth a closer look

Last month's announcement that First State Stewart is to split its business in two raised some eyebrows, but, as is so often the case, was quickly overshadowed by events elsewhere.

But it is worth a closer look. The decision to hive off Angus Tulloch’s Edinburgh-based Stewart Investors from the Hong Kong-based First State Stewart Asia has a certain amount of intrigue to it. Doing things differently is becoming a defining characteristic for the business – whether it be making big bets on UK-listed stocks within its emerging market funds, admitting many of its markets offer little value, or in the way it manages capacity. First State has been particularly conscious of this latter problem. Many of its most popular funds have been shut to new investment for some ti...