First State Investments has hired Ross Barry, currently a contracted consultant at Towers Watson and previously its head of alternative investments. Barry will leave the consulting firm around Christmas to join one of its major clients in the new year.

First State Investments' CIO, Richard Brandweiner, has been adding professionals to his internal investment team since joining the fund from Perpetual Investments this year. Brandweiner was group executive of income and multi-sector products. He has hired, in the past quarter: Michael Blayney and Damien Webb from Perpetual and Justin Howell, another former Perpetual manager who recently completed a short stint at Tria Investment Partners.

Barry, one of the most experienced alternatives researchers at any of the major consulting firms, will head up First State's research efforts. He recently moved from a full-time role at Towers Watson to a part-time contracting position. Towers Watson shares the consulting role at First State with JANA.

Martin Drew, a former CIO of the related State Super (STC) fund, is currently a consultant to First State heading up listed and unlisted infrastructure research.

In September 2013, sources announced that First State Investments has raised €600 million in equity in a second wave of fundraising for its European Diversified Infrastructure Fund. The fund had already announced in 2011 that it had raised more than €600 million.