The $29bn Asia and emerging markets boutique returns to its heritage name from 24 November, following the absorption of sister brand Stewart Investors
FSSA Investment Managers is reviving its former name, First State Investments, from 24 November 2026, marking the second rebrand for the Asia and emerging markets specialist in seven years. The boutique, an affiliate of Sydney-headquartered First Sentier Group, manages more than €25.6bn (around $29bn) in assets. Investment philosophy, process and leadership remain unchanged.
First State Investments was founded in 1988 and traded under that name worldwide for almost two decades before rebranding to FSSA, short for First State Stewart Asia, in 2019, when former parent company First State Investments itself became First Sentier Investors following its acquisition by Mitsubishi UFJ Trust and Banking Corp. The First State name has continued to carry recognition with clients in the years since, particularly in the UK and Asia, where the business has built long-standing relationships.
Michael Stapleton, managing partner of FSSA, told Portfolio Adviser the rebrand was made possible by a further round of corporate change: the transfer of sister affiliate Stewart Investors’ investment management responsibilities to FSSA at the end of 2025, following Stewart Investors’ wind-down and the departure of around 50 staff and several senior fund managers. “It was really the merging of those teams that has given us the opportunity to, without any confusion, go back to this brand name,” Stapleton said, adding that the First State name “has a deep legacy in Asia and emerging market investing” for clients on both sides of the world.
In a statement, Stapleton said the rebrand “reflects both our tradition and our future plans” and allows the business “to return to a name that many people still associate with our company today.” First Sentier Group, which also houses infrastructure specialist Igneo Infrastructure Partners, private debt unit Albacore Capital Group and quant manager RQI Investors, has total assets of AU$214.4bn across its five affiliate investment teams.
For UK wealth managers and fund selectors who hold FSSA strategies in client portfolios, the change is one of branding rather than substance: the underlying investment team, process and fund range carry over unchanged, and the rebrand should require no action beyond noting the new name on factsheets, platforms and due diligence records ahead of the November switchover.
