First Sentier has announced it will transition the Stewart Investors (SI) investment management responsibilities to its affiliate investment team.
From 14 November, SI responsibilities will move over to FSSA Investment Managers, reflecting how First Sentier believes the business should be managed going forward.
The decision has been prompted by the exit of three SI portfolio managers earlier this year in David Gait, Sashi Reddy and Sujaya Desai who had been longstanding members of the portfolio management team.
Gait had worked at SI for nearly 30 years, Reddy for 18 years while Desai spent almost nine years at the firm. Gait and Reddy were both managers of the company’s flagship Asia Pacific Leaders Fund which is more than $10 billion in assets under management as well as the $392 million Asia Pacific All Cap fund.
In total, nine funds were affected by the departures with SI originally stating at the time that management responsibilities would move to Doug Ledingham and Jack Nelson.
Under the upcoming changes, management of the Stewart Investors Global Emerging Markets All Cap Fund – Institutional and Stewart Investors Global Emerging Markets Leaders Fund will move to Rasmus Nemmoe and Rizi Mohanty while Stewart Investors Worldwide All Cap Fund and Stewart Investors Worldwide Leaders Fund will move to Nick Edgerton and Lorna Logan.
There is commonality and legacy between SI and FSSA as they previously operated under one investment team under First State Stewart before separating into two brands in 2015.
In a statement, First Sentier said: “With an average investment experience of over 18 years and a geographical footprint in Hong Kong, Singapore and London, we are confident that FSSA’s investment capability, quality and breadth is best placed to deliver on our clients’ expectations.
“Given the history, and therefore the natural investment synergies, we believe that transitioning of investment responsibilities from SI to FSSA will strengthen our offering and will not affect the team in delivering on expectations.”
Harry Moore, incoming chief executive of First Sentier, said: “Since the unexpected departure of three of SI’s senior portfolio managers in August, we have been working closely with the SI business to assess the longer-term impact of these exits. This has led to the transition of investment management responsibilities from SI to the FSSA business.”
Current chief commercial officer Moore will take over from Mark Steinberg from the start of 2026 with Steinberg departing after seven years in the role.
First Sentier Group said it remains committed to supporting its clients and consultants throughout this transition and ensuring a seamless integration with FSSA Investment Managers.
