First State Investments has pulled out of the VCT sector with its vehicles and VCT manager Paul Jour...
First State Investments has pulled out of the VCT sector with its vehicles and VCT manager Paul Jourdan transferring to Noble Fund Managers.
According to Charlie Metcalfe, chief executive at First State, the firm has been looking to exit the VCT sector as it no longer sees the vehicles as a natural fit in its current suite of products.
Jourdan is joining Noble and will stay manager of First State Investments’ Aim VCT and British Smaller Companies fund. Jourdan has been head of UK equities at First State since November 2004, and managed the First State British Smaller Companies fund since September 2000 and the Aim VCT since launch in March 2005.
The manager and the funds will move to Noble on 4 June 2007, at which point the management of the two funds will transfer from First State to the company.
Noble’s range of investment funds already includes three VCTs, various EIS and IHT portfolios, Noble Venture Finance and the Noble Property exempt property trust. He joined Stewart Ivory & Company in 1998 before First State acquired the firm in 2000.
Since launch in February 2005, First State’s Aim VCT has seen a return of 133.5p calculated from net asset value plus dividends according to Tax Shelter Report.