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First State Indian Subcontinent Fund- manager change

By MARCEL PORCHERON 29/07/2008

First State Indian Subcontinent Fund- manager change by Marcel Porcheron

First State today officially announced the departure of Vijay Tohani from the group, with immediate effect. Tohani had been performing relatively strongly with his fund 9% ahead of the MSCI India over the last 6 months and a credible 4.8 year track record against an index which has been hard to beat.

As a result of Tohani’s departure we have temporarily suspended our rating on the fund. We are meeting David Gait, the new manager, later this week. He is currently a Bestinvest rated manager, running the 3* First State Asia Pacific Sustainability Fund.

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