First State Investments to expand in Germany

Australian asset manager First State Investments is to open a German office, most likely in Frankfurt, as part of the group’s European growth strategy in 2012.

First State Investments recently opened its first continental European office in Paris and has an established presence in London and Edinburgh.

Since entering the French market with its funds in 2002, First State has built client relationships with fund of funds managers, multi-managers, family offices and insurance companies.

The group has demonstrated rising interest in the German-speaking market having registered its Emerging Markets Bond fund for distribution there and in Austria last November.

First State Investments soft-closed several of its emerging markets funds earlier this year.

It expects the relatively young infrastructure fund, First State European Diversified Infrastructure Fund, to attract attention from institutions in France, Germany and Scandinavia.

The fund, co-managed by Philippe Taillardat in Paris, is now open for new investors to commit to a third close. So far it has raised €600m, of which roughly €300m has been invested in European regulated utility infrastructure assets.

First State Investments is the European, Asian and North American division of Colonial First State Global Asset Management, the asset management business of the Commonwealth Bank of Australia, collectively managing €110.7 billion.

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