Update: First State to close Global Resources fund in December

Clients seeking more specialist exposure

First State Investments is closing its Global Resources fund following the announcement earlier this year of plans to shut the Global Resources division.

The First State Global Resources fund will be wound up on 11 December with costs borne by the firm. Withdrawals from the fund will continue to be subject to a dilution adjustment to ensure that no remaining shareholders are disadvantaged. In February, First State announced it would be closing its Global Resources division as it believes clients are seeking alternative specialist providers for their commodities exposure.  The Global Resources fund had £194m as at 28 September, falling from £590m in February last year, according to FE.  Co-managed by Tal Lomnitzer and Todd Warren, th...