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 avenue for the core investment expertise we have.'
First State currently runs two trusts within its institutional business, the Scottish American Investment Company managed by Paul, Derek Lygo and David Leary and the Scottish Oriental Smaller Companies Trust, managed by Angus Tulloch and Susie Rippingall.
Paul said: 'With First State being regarded as a premier manager of Asian equities it is only appropriate we have an investment trust. As we draw more expertise in other areas, we will look at opportunities of launching more trusts.'
Allan will be responsible for corporate liaison with the boards of the two existing trusts, new business development as well as coordination of their marketing and administration.