The Scottish Oriental Smaller Companies Trust is managed by the First State Stewart Asia team, an independent investment management team within First State Investments. The team manages US$23.9 billion* in a range of Asia Pacific equity strategies on behalf of institutional and wholesale clients globally, with offices in Hong Kong, Singapore and Edinburgh.
The history of the team traces its roots back to Stewart Ivory & Company Limited, which was formed in 1985 by the merger of Stewart Fund Managers Limited and Ivory & Co. Stewart Fund Managers can trace its history to the establishment of The Scottish American Investment Company plc, Edinburgh’s oldest investment trust, in 1873.
In its more recent form, the team formed when Angus Tulloch joined Stewart Ivory & Company in 1988 to establish an Asia Pacific and Global Emerging Markets capability. Stewart Ivory & Company was subsequently bought by the Commonwealth Bank of Australia in 2000. The investment team effectively operates as an autonomous investment management team within First State Investments.
After years of organic growth, increasing both funds under management and team members, the team split into two in July 2015: one primarily based in Edinburgh (Stewart Investors) and the other primarily based in Hong Kong (First State Stewart Asia). The split will allow the two successor teams to develop as smaller, dynamic investment groups, recognising that this has been critical to their success over the last 20 years. There is no change to either team’s investment philosophy.
Within the First State Stewart Asia team, Vinay Agarwal has been appointed Lead Manager of the Scottish Oriental Smaller Companies Trust plc, Wee-Li Hee is Co-Manager and Scott McNab is the Deputy Manager. They are supported by the wider First State Stewart Asia team of analysts who help to generate investment ideas for the portfolio.
*As at 30 June 2018
VINAY AGARWAL, LEAD MANAGER
Vinay Agarwal is a Portfolio Manager at First State Stewart Asia. Vinay joined the FSSA team in July 2011, is based in Singapore, and is a Director of First State Stewart Asia. With more than 15 years of investment management experience, Vinay is the Lead Manager of the First State Indian Subcontinent Fund. He is also responsible for managing a number of Far East Leaders and Indian equity portfolios on behalf of key client segregated accounts. Vinay graduated in 2002 with a management degree with a major in Finance from the Indian Institute of Management Calcutta. He also holds a Bachelor of Commerce (Hons) degree with a major in Accountancy from Calcutta University.
WEE-LI HEE, CO-MANAGER
Wee-Li Hee is a Portfolio Manager at First State Stewart Asia. Wee-Li has more than 15 years of investment experience, with a focus on Asia Pacific equities. She joined the FSSA team in April 2002 and is based in Edinburgh. Wee-Li is the Co-Manager of the Scottish Oriental Smaller Companies Trust. Wee-Li graduated from the University of Leeds in 2000 with a Bachelor of Science (Hons) in Accounting with Information Systems and gained a Masters Degree in Law and Accounting from the London School of Economics and Political Science in 2001. She is also a CFA charterholder.
SCOTT MCNAB, DEPUTY MANAGER
Scott McNab is a Senior Investment Analyst at First State Stewart Asia. Scott joined the team in November 2001 and is responsible for providing research support to the portfolio managers. Scott holds a Bachelor of Science (Hons) in Computer Science from the University of Durham. He is also a Chartered Accountant and a CFA charterholder.