Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


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Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


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Scottish Oriental (SST)

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Wednesday 11 April, 2012

Scottish Oriental

Change in Investment Management Arrangements

RNS Number : 1536B
Scottish Oriental Smlr Co Tst PLC
11 April 2012

The Scottish Oriental Smaller Companies Trust PLC


Manager: First State Investment Management (UK) Ltd  (authorised and regulated by the Financial Services Authority)



11th April 2012


Scottish Oriental: Change in Investment Management Arrangements


The Scottish Oriental Smaller Companies Trust PLC ('Scottish Oriental'), managed by First State Investment Management (UK) Limited, has today announced that Susie Rippingall will step down as portfolio manager of the Company on 1st April 2013, when she intends to retire from First State Investments. Angus Tulloch, Wee-Li Hee and Scott McNab will become Co-Managers of the portfolio at that time.  Angus Tulloch managed the portfolio from its inception in 1995 until Susie Rippingall succeeded him in October 2000.


Since Susie Rippingall's appointment as Portfolio Manager in October 2000, the Company's NAV has increased by 578%, compared to 187% in the MSCI AC Asia (ex Japan) Index.  Over that same period the share price has risen 761%*. These outstanding returns have been recognised with a number of industry awards for the Company and the steady growth in the Company's shareholder base.


Angus Tulloch 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 equity team, which was rebranded 'First State Stewart' earlier this year to provide a distinct identity at a time when the overall group's product and investment range continues to expand.


Wee-Li Hee joined the First State Stewart team in Singapore in April 2002 as an analyst. In spring 2007 she was given responsibility as deputy manager for a number of institutional client mandates. She has been based in Edinburgh since April 2005 and, since then, has worked closely with Angus Tulloch in the management of First State's Asia Pacific Funds.


Scott McNab joined the First State Stewart team in Edinburgh in November 2001 as an analyst.  He has been a co-manager of Scottish Oriental since 2004.


James Ferguson, Chairman of The Scottish Oriental Smaller Companies Trust plc, comments:


"We thank Susie for her unstinting efforts over the past 12 years and the exceptional investment performance she has delivered for our shareholders. First State Stewart's strong team approach to fund management also means that we expect to see continued consistency in investment style following Susie's departure."


Angus Tulloch, Joint Managing Partner of First State Stewart, adds:


"I would like to thank Susie for her commitment to the success of Scottish Oriental, and indeed to the broader First State Stewart team. Her talent and dedication as a portfolio manager have been instrumental in generating strong investment performance and making Scottish Oriental a popular choice for investors. Hers will be a hard act to follow but, on a personal level, I am looking forward once again to being more closely involved in the management of the portfolio."



- ENDS -






*Source: Datastream and MSCI, from 31/10/2000 to 31/03/2012

The Scottish Oriental Smaller Companies Trust PLC

An investment company within the meaning of section 833 of the Companies Act 2006

Registered office: 10 St. Colme Street, Edinburgh EH3 6AA                                                                                              

Registered No: 156108 Scotland


This press release is distributed to the media by First State Investment Management (UK) Limited, authorised and regulated by the Financial Services Authority (FSA). Entered on the FSA Register, registration number 119367. Registered number SC047708 Scotland. Registered office: 23 St Andrew Square, Edinburgh, EH2 1BB.

This press release is intended for information only, aimed solely at the media and should not be relied upon by private investors or Advisers.






The Scottish Oriental Smaller Companies Trust PLC


Manager: First State Investment Management (UK) Ltd  (authorised and regulated by the Financial Services Authority)



For further information:


 Press Enquiries:

 Angus Tulloch

 Joint Managing Partner

 First State Stewart

 Tel: +44 (0) 131 473 2528


 Sergei Cristo

Media Relations & Communications  Associate

First State Investments

Tel: +44 (0)20 7332 6545








Sally Todd / Laura Batty


Tel: +44 (0)20 3128 8100

  Email: [email protected]




Notes to editors:


The Scottish Oriental Smaller Companies Trust PLC


The Scottish Oriental Smaller Companies Trust PLC was launched in 1995 and is managed by First State Stewart, the Asia Pacific and Global Emerging Markets Equities team at First State Investments.


Scottish Oriental is an investment trust, incorporated in Scotland with registered number SC0156108, whose shares have been admitted to the Official List of the London Stock Exchange plc. Scottish Oriental's investment manager is First State Investment Management (UK) Limited.




About First State Investments


First State Investments provides specialist asset management services to wholesale and institutional investors across a diverse range of asset classes, including Asia Pacific and global emerging market equities, global equities, property securities, infrastructure, global natural resources and emerging markets debt.


First State Investments forms part of the asset management division of the Commonwealth Bank of Australia. In Australia we operate as Colonial First State Global Asset Management ('CFSGAM').  First State and CFSGAM collectively manage £93.5 billion on behalf of investors worldwide (as at 31 December 2011) and have offices in Sydney, New York, London, Edinburgh, Hong Kong, Singapore, Jakarta and Tokyo. In London and Edinburgh it has more than 200 staff.


CFSGAM (including First State) is a signatory to the United Nations' Principles for Responsible Investment, a voluntary program which encourages best practice in environmental, social and corporate governance issues.





Important information

This press release is intended for information only, aimed solely at the media and should not be relied upon by private investors or advisers. The information included within this document and any supplemental documentation provided is confidential and should not be copied, reproduced or redistributed without the prior written consent of First State Investments. The content of this  document should not be construed as a financial promotion under the FSA Conduct of Business Sourcebook. First State Investment Management (UK) Limited is regulated and authorised by the Finanicial Services Authority. First State Investments believes that the information provided is accurate as at the date of its publication, but no representation or warranty of accuracy is given by First State Investments and therefore no liability in respect of any error or omission by a third party is accepted by First State Investments or its affiliates or any of their directors, employees, consultants or agents.  This press release and its contents have been issued and approved by First State Investment Management (UK) Limited, in its capacity as Scottish Oriental's investment manager. First State Investment Management (UK) Limited is authorised and regulated in the United Kingdom by the Financial Services Authority. Any comments expressed reflect the views of First State Investments and should not be taken as any kind of recommendation or advice.


Please note the following warnings:

Please remember that the value of investments and the income from them may go down as well as up and that you may not get back the amount you originally invested.  Past performance is not necessarily a guide to future performance. Changes in exchange rates will affect the value of investments overseas. Gearing, where borrowing is used to fund further investment can increase the returns in rising markets and decrease the returns in market downturns.  Scottish Oriental's shares have not been and will not be registered under the United States Securities Act 1933.  Investments in emerging markets may involve a higher risk than investments in more developed markets. Investors should consider whether or not an investment in funds or companies which invest in such markets is either suitable for or should constitute a substantial part of an investor's portfolio.  Investments in Scottish Oriental may be less liquid than the securities of a larger company, or an investment trust which invests in larger companies, or in more developed economic regions. Securities in smaller companies or an investment trust (such as Scottish Oriental) which invests in emerging markets may possess greater potential for capital appreciation, but also involve risks, such as limited product lines, markets and financial or managerial resources and trading in such securities may be subject to more abrupt price movements than trading in the securities of larger companies.  If you are in any doubt about any of the information, please consult your independent financial or other such adviser authorised to give investment advice under the Financial Services and Markets Act 2000.

This information is provided by RNS
The company news service from the London Stock Exchange

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