Renzo Casarotto, co-manager of the First State Global Agribusiness fund, has left the firm, as it prepares to shut the product after assets fell to £9.6m.
The fund had AUM of around £51m at its peak in 2013, but these fell to below £20m last year and to £9.6m in February this year. Co-managed by Casarotto and Mario Maia, the fund will close on 1 May; Casarotto left the firm in December, the firm has confirmed. Maia, who took over co-manager responsibilities from July 2015, will remain at First State within its global resources team. A group spokesperson confirmed the closure, and said: "This action has no impact on the Global Resources (core mining and energy) equities strategy and underlying fund, the First State Global Resources f...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
