Edinburgh-based international asset management firm Stewart Investors has announced big changes to its fund management team.
Stewart Investors said senior portfolio managers David Gait, Sashi Reddy and Sujaya Desai have left the company.
Stewart Investors’ Australian parent company First Sentier 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.”
First Sentier is owned by Mitsubishi UFJ Trust and Banking Corporation and manages around $140 billion of assets. On July 31, First Sentier established First Sentier Group as “the overarching umbrella brand supporting its affiliate investment teams of AlbaCore Capital Group, First Sentier Investors, FSSA Investment Managers, Igneo Infrastructure Partners, RQI Investors and Stewart Investors.”
First Sentier Group unveiled a new visual identity and “brand narrative” across all markets.
Stewart Investors said: “We would like to inform all investors of some changes to the management of our Stewart Investors’ pooled funds …
“Doug Ledingham, Analyst and Senior Portfolio Manager, has taken over lead responsibilities for the Asia Pacific Leaders and Asia Pacific All Cap strategies.
“Jack Nelson, Analyst and Senior Portfolio Manager, has taken over lead responsibilities for the Global Emerging Markets All Cap and Indian Subcontinent All Cap strategies.
“Nick Edgerton, Analyst and Senior PM, has taken over lead responsibilities for the Worldwide Leaders strategy.
“Jack, Doug and Nick have extensive portfolio management experience, with a combined 48 years of industry experience between them.
“They have the support of a talented and tightly knit team of analysts.
“Stewart Investors has always operated with a team-based approach, with every investor being an analyst and all analysts being generalists.
“The portfolio management changes follow the departure of David Gait (Analyst & Senior Portfolio Manager), Sashi Reddy (Analyst & Senior Portfolio Manager), and Sujaya Desai (Analyst & Senior Portfolio Manager).”
Following the departures, Square Mile has removed ratings on some funds managed by the managers leaving Stewart.
The funds include: Stewart Investors Asia Pacific Leaders; Stewart Investors Asia Pacific All Cap; Pacific Assets Trust; and Stewart Investors Indian Subcontinent All Cap, and Stewart Investors Worldwide All Cap.
“We feel this is a significant change to what has been a very stable team for many years with all three managers having been key members since they joined the firm,” Square Mile analysts said.
“Gait is the lead manager of the Asia Pacific Leaders and All Cap funds while Reddy is lead manager of the Indian Subcontinent All Cap fund, and Desai, the lead manager of the Global Emerging Markets All Cap strategy.
“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.
“These team changes also have an impact on the Pacific Assets Trust, which Gait has been involved with since 2010 and therefore for the same reason, we are removing the trust from our Academy of Funds.”