Announcing the decision, Mark Lazberger, chief executive officer of First State Investments, said the group believes the asset class is becoming ever more specialised “with some investors increasingly using other means to gain exposure to these sectors”.
The closure of both the UK Oeic and the $90m (£64.5m) equivalent Irish-offshore fund will not be immediate, with Warren and Lomnitzer retaining responsibility for managing the funds while the changes are implemented.
“Our primary responsibility is to our clients as we work through this process which will be subject to regulatory approval once a formal decision has been taken as to proceed,” said a statement from First State.
Launched in October 2003, the onshore First State Global Resources fund is ranked fourth quartile over one, three and five years in the IA Global sector to 20 February, according to FE.
