The big risk for Asian equities

First State Investments, the funds unit of Commonwealth Bank of Australia, acquired Edinburgh-based Stewart Ivory in 2000, but in terms of fund management practices, it was more like a reverse-takeover, since First State has since organized its investment process around the Scots' style. Alistair Thompson is the Singapore-based deputy head of Asian-Pacific equities. First State manages $5.6 billion in Asia Pacific ex-Japan and global emerging markets money.