Wealth managers are assessing their options for Asia Pacific investment after learning that sector star manager Angus Tulloch is to take a back seat at the First State group.

Mr Tulloch, one of Edinburgh’s most respected fund managers, is also the most politically high-profile, as a well-known nationalist and prominent voice in the pro-independence referendum campaign.

The veteran manager is to quit fund management leadership, while colleagues David Gait and Jonathan Asante are also giving up certain funds in a restructuring.

Jason Hollands, of adviser Tilney Bestinvest , said Mr Tulloch had been “a towering presence in the Asian equity markets” with a 27-year track record and some “blistering outperformance”.

Only four months ago First State announced that the business was being split in two, with Mr Tulloch heading up the Edinburgh boutique arm to be known as Stewart Investors. At that time he gave up the reins of the highly-rated £244million Scottish Oriental Smaller Companies Trust, which is now run as part of FSS Asia.

Now Stewart Investors says it plans to “broaden responsibilities across the team”, in a transparent succession process which would take place over the phased next nine months and be complete by 1 July 2016.

Mr Tulloch is to hand over to David Gait and Sasha Reddy his £7.2billion flagship the Asia Pacific Leaders funds, which is 46 per cent ahead of the index over 10 years and 28per cent ahead over five years. But he will “remain as co-manager” on the £709m Asia Pacific fund, which he has managed for the past 17 years. It will pass to Ashish Swarup.

Mr Gait is to hand over two funds to Nick Edgerton, whilst also remaining as co-manager, while Jonathan Asante is to step down from three funds, two of which will be managed by Tom Prew and Ashish Swarup. Mr Prew steps up from managing a Latin America sub-fund.

In Citywire’s latest ranking of 99 managers in the Asia Pacific (excluding Japan) sector, AAA-rated Mr Reddy and AA-rated Mr Gait are placed first and second, with A-rated Mr Tulloch fourth and Mr Swarup tenth.

Mr Tulloch began his career in 1980 with Cazenove, then in 1987 moved to Edinburgh partnership Stewart Ivory, which was taken over by Colonial First State Investments in 2000.

The group said Mr Tulloch would “continue as a member of the investment team” and its approach was “a balance between the collegiate and the individual.”

Darius McDermott at the Fund Calibre broking service said the shake-up was “very unsettling for investors,” because “we have some substantial changes with some very experienced lead managers now taking a back seat”.

But Mr Hollands said Mr Tulloch “wasn’t disappearing into the sunset” and the team-based approach and strong record of Mr Gait should reassure investors.