On the 9^th June 2017, First State announced that Dr Joanne Warner, Head of Global Resources and a manager of the First State Global Resources fund, will be retiring in August 2017.  Following this news, the fund remains on our Recommended list. 

Dr Warner joined the company in 1997 and over the past two decades she has built a well-resourced and experienced global resources team.  As a result of this announcement, the following changes will take place:

• With over 15 years of resources experience at First State, Todd Warren will take on the leadership of the team.  He will also be lead portfolio manager of the Australian domiciled Global Resources fund.
• Tal Lomnitzer, an established member of the team and currently deputy fund manager on the UK-domiciled Global Resources fund, will become Deputy Head of Global Resources.  He will be lead portfolio manager for the UK and European client Global Resources portfolios (including the OEIC and Irish VCC funds), with Mr Warren as deputy manager.

We have been meeting with Dr Warner and other members of the Global Resources team for several years as part of our coverage of the fund.  The investment approach is well-honed and strongly collegiate in nature and hence, we feel comfortable retaining the fund on our Recommended list.

Dr Warner will remain with the firm until August 2017 and will support the team through the transition period.  We send her our best wishes for her retirement.