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About us

Specialists in Asia and Global Emerging Markets

We are a specialist asset manager with a different perspective.

Operating as an autonomous investment team within First Sentier Investors group, we are a team of dedicated investment professionals based in Hong Kong, London and Singapore.

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Bottom-up stock pickers

We are bottom-up investors, using fundamental research and analysis to construct high-conviction portfolios. We conduct more than a thousand direct company meetings a year, seeking to identify high quality companies that we can invest in for the long term.

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Quality focused

We seek to invest in quality companies, as defined by the strength of their management, franchise and financials. Poor quality businesses do not form a part of our investment universe, no matter how attractive the growth opportunity or valuation becomes.

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Responsible investors

As responsible, long-term shareholders, we have integrated ESG analysis into our investment process and engage extensively on environmental, labour and governance issues. 

Working together with Manan Trust

We sponsor social impact initiatives through the strategic philanthropic work of Manan Trust. 

FSSA staff are invited to work alongside the Manan team throughout the grant making process – assisting with initial due diligence on partner organisations, monitoring and evaluation, relationship building, and annual project visits. Staff engagement brings a deeper perspective to our partnerships, helps ensure accountability, and encourages active global citizenship.

Learn more about Manan Trust

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Our history

FSSA Investment Managers was formerly a part of First State Stewart, the Asia Pacific team of Stewart Ivory & Company Limited. After years of organic growth, in July 2015 the First State Stewart team split in two: FSSA Investment Managers and Stewart Investors.

  • 1988

    Launch of Stewart Ivory’s Asia Pacific capability and strategy

  • 1992

    Launch of China Growth and Global Emerging Markets capabilities

  • 1994

    Launch of the Indian Subcontinent strategy

  • 2000

    Stewart Ivory was acquired by the Commonwealth Bank of Australia. The overseas fund management businesses were merged to form First State Investments (FSI)

  • 2002

    Launch of Greater China Growth strategy

  • 2009

    Launch of China A strategy

  • 2012

    Team rebranded as First State Stewart

  • 2015

    In July, First State Stewart split into two businesses: First State Stewart Asia (FSSA) and Stewart Investors

  • 2017

    Launch of Global Emerging Markets strategy

  • 2019

    First State Stewart Asia rebranded to FSSA Investment Managers

  • 2020

    First State Investments rebranded to First Sentier Investors, under new owners Mitsubishi UFJ Trust and Banking Corp. FSSA Investment Managers remains an autonomous investment team within the group

Investment insights

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The promise of the ASEAN region, home to more than 670 million people, has been underpinned by the growing middle classes. But in recent years, investment returns have been disappointing amid weak consumer demand and a K-shaped recovery. Thankfully, we continue to find companies with strong franchises and high-quality management teams which should be resilient in this environment.
  • Article
  • 4 mins
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India’s large population, its rapidly developing metropolises and its rich history of commerce, are all contributing to its journey in becoming an economic powerhouse. FSSA has been investing in India since the market first opened to foreign investors (in the early ‘90s); we then launched our dedicated India strategy in 1994.
  • Article
  • 3 mins
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Our investment philosophy focuses on owning high-quality businesses in emerging markets for long-term wealth creation. We target "structural compounders" with strong management, sustainable models, and competitive advantages.
  • Article
  • 12 mins