Pacific Assets trust said there will be 'no change' to its investment approach or philosophy as a result of the Gait's (pictured) departure. Credit: iStock
Stewart Investors has been hit with a trio of resignations, with David Gait, Sashi Reddy and Sujaya Desai all departing the firm, Investment Week has learned.
In an RNS notice published today (21 August) the Pacific Assets trust (PAC), announced that Gait had resigned from both the company and the wider parent firm.
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He was co-portfolio manager since 2010 and in the wake of his departure, PAC has appointed Jack Nelson as co-portfolio manager to assist remaining lead manager Douglas Ledingham.
PAC said there will be "no change" to its investment approach or philosophy as a result of Gait's exit.
But IW can reveal that Gait is not the only one headed for the door, after fellow managers Reddy and Desai also handed in their resignations.
Reddy ends his 18 year tenure at the firm, specialising on Asia Pacific; while Desai spent almost nine years at the company, and was named co-manager on the Stewart Investors Global Emerging Markets Leaders fund back at the start of 2025.
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Commenting on the triple departure, First Sentient Investors, Stewart Investors' parent company, said: "We thank them for their contributions to Stewart Investors. A comprehensive transition plan is in place to address the changes and ensure portfolio management continuity."
Following the departures, Square Mile has removed the 'Responsible AA' rating from four funds; Stewart Investors Asia Pacific Leaders, Stewart Investors Pacific All Cap, Pacific Assets trust, and Stewart Investors Indian Subcontinent All Cap.
The Stewart Investors Worldwide All Cap fund has also lost its 'Responsible A' rating.
Square Mile analysts said this was "significant change" to "a very stable team" for many years with all three managers having been crucial members since they joined the firm.
They added: "We feel that these departures are a material enough disruption to also impact the Worldwide All Cap fund, despite Nick Edgerton remaining as its lead manager.
"We believe these team changes also have an impact on the Pacific Assets Trust, which Mr Gait has been involved with since 2010 and therefore for the same reason, we are removing the trust from our Academy of Funds."
