Investment team

The First State Stewart team consists of individuals based in Edinburgh, Singapore and Hong Kong. Portfolio managers and analysts based in Asia provide an excellent input of regional issues and stock ideas.

The team is rewarded for the overall performance of the portfolio. Whilst individuals have specific geographical responsibilities, all members of the team are involved in the total portfolio meaning broader experience for individuals and better management of key person risk.

Angus Tulloch, Joint Managing Partner, First State Stewart
	Angus Tulloch is Joint Managing Partner of the Asia Pacific/ Global Emerging Markets equity team at First State Investments. Angus’ primary focus is stock selection and portfolio construction. Angus has more than 30 years' investment experience, joining Stewart Ivory (subsequently bought by First State Investments) in Scotland in 1988. It was here that he established an Asia Pacific/Global Emerging Markets capability. Since this time the team have gained industry recognition as one of the leading managers in their sectors.

Stuart Paul, Joint Managing Partner, First State Stewart

Stuart Paul is Joint Managing Partner of the Asia Pacific and Global Emerging Markets equity team at First State Investments. In 1994 Stuart joined First State (previously Stewart Ivory) as an analyst. His responsibilities grew to cover portfolio management and in 1999 he was appointed Joint Head of Emerging Markets (ex-Asia) Equities. From October 2000 to April 2005 Stuart was Chief Investment Officer at First State.

Jonathan Asante, Head of Global Emerging Market Equities

Jonathan joined First State Investments as Senior Analyst in November 2004 and became Head of Global Emerging Market Equities after several years of co-managing GEM portfolios with Angus Tulloch.

Jonathan joined from Framlington where he was Global Emerging Markets Fund Manager and Group Economist. Prior to joining Framlington in 1995, he was employed by NatWest Group where he was an Assistant Researcher, analysing the UK economy and UK credit markets. Previous to this Jonathan taught at the London School of Economics whilst doing postgraduate research.

Alan Nesbit, Deputy Head of Global Emerging Market Equities

Alan Nesbit joined First State Investments in June 2000 as Senior Portfolio Manager in the Global Emerging Markets team, specialising in Latin American equity markets, and was appointed Deputy Head of Global Emerging Markets in 2003.

Before joining First State, Alan was a Director of Deutsche Asset Management (previously Morgan Grenfell Asset Management), where he headed a team of Latin American equity investors within the Emerging Market group, and managed the Deutsche Latin American Companies Trust. He has specialised in Latin American markets since 1990. Alan has over 39 years of experience in the fund management industry, 23 of which were with Morgan Grenfell.

David Gait, Senior Portfolio Manager

David Gait is a Senior Portfolio Manager with Global Emerging Markets & Asia Pacific (ex-Japan) team, having joined the company in 1997. David took on portfolio manager responsibilities in December 2005.

In early 1999, he joined the Asia Pacific (ex-Japan) desk as Senior Analyst. Having initially covered Korea, Taiwan and the Indian Sub-continent until the end of 2000, he then focused his research efforts on China and South-East Asia. David now covers all emerging markets with a specific focus on SRI and macro research.

Martin Lau, Director, Greater China Equities

Martin Lau was appointed Director, Greater China Equities in October 2003 and is based in Hong Kong. Martin joined First State Investments in April 2002 as Senior Portfolio Manager, responsible for the management of First State's Greater China and regional funds.

Martin started his investment career in 1995 with BZW in London as part of their risk management team. He subsequently spent six years with Invesco as a fund manager responsible for the Greater China funds, Smaller Companies fund and regional portfolios. Martin is a CFA charterholder.

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First State Investments is the trading name for the following companies which are authorised and regulated by the Financial Services Authority:
First State Investments (UK) Limited, registered office 3rd Floor, 30 Cannon Street, London, EC4M 6YQ. Registered in England & Wales with company number 2294743.
First State Investment Management (UK) Limited, registered office 23 St. Andrew Square, Edinburgh EH2 1BB. Registered in Scotland with company number SC47708.
First State Investments International Limited, registered office 23 St. Andrew Square, Edinburgh EH2 1BB. Registered in Scotland with company number SC79063.

The following company also carries on business within the First State Investments group:
First State Investment Services (UK) Limited, registered office 3rd Floor, 30 Cannon Street, London, EC4M 6YQ. Registered in England & Wales with company number 3904320.