Dundas Global Investors

What Dundas Global Investors does

Dundas Global Investors, operating as Dundas Partners LLP, is an employee-owned investment management firm headquartered in Edinburgh, Scotland, founded in 2010. The firm focuses exclusively on global equities through a single dividend-growth investment philosophy, operating a centralized in-house research process that is independent of external sell-side opinion and maintained in a proprietary library spanning more than a decade of company insights. The firm manages a focused product set including the UK-domiciled Heriot Global Fund (an OEIC launched on 20 March 2013 holding approximately 60 listed global equities and benchmarked against the MSCI All Country World Index), the now-closed Heriot Global Smaller Companies Fund, the Australia/New Zealand-domiciled Apostle Dundas Global Equity Fund, and a family of US-based international equity ADR strategies.

The business model is fee-based revenue generated on assets under management across UK OEIC, US, Australian, and New Zealand fund vehicles. Distribution is conducted entirely through third-party intermediaries: Waystone Management (UK) Limited serves as Authorised Corporate Director for the Heriot Investment Funds, LGBR Capital provides UK distribution to wealth managers and IFAs, and Apostle Funds Management handles Australian and New Zealand distribution. The firm's funds are accessible through 20+ UK investment platforms including 7IM, abrdn, Aegon, AJ Bell, Allfunds, Aviva, Fidelity, Hargreaves Lansdown, and Interactive Investor. The firm holds regulatory registrations with the UK Financial Conduct Authority, Australian Securities and Investment Commission, and US Securities and Exchange Commission, and is a signatory to the UK Stewardship Code and UN Principles for Responsible Investment, with GIPS verification as of 30 September 2025. Target client segments are professional investors (wealth managers, IFAs, stockbrokers, accountants), high-net-worth individuals, and institutional investors (charities, foundations, endowments) seeking long-term capital appreciation with defensive dividend-growth characteristics.

Name

Dundas Global Investors

Legal name

Dundas Partners LLP

Website

https://dundasglobal.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

Dundas Global Investors is an employee-owned Edinburgh-based investment management firm focused exclusively on global equities through a single dividend-growth philosophy. It serves professional investors, intermediaries, and institutional clients across the UK, USA, Australia, and New Zealand via third-party distribution.

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Open-End Investment Funds (52591)

SIC

Investment Advice (6282)

akta.pro primary industry

Global/International & Emerging Markets Mutual Funds (FSAAAEAK)

akta.pro secondary industries

International/Ex-U.S. Developed Equity (Active) (FSAAAIAE), Large-Cap Equity (Active) (FSAAAIAA), Private Client/High-Net-Worth Advisory (FSAEAAAN)

Keywords

• Global equity management
• Dividend growth investing
• Investment management services
• Asset management firm
• Portfolio management funds

Headquarters

HQ city

Edinburgh

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Investment Management Fees: Dundas Global Investors generates revenue through investment management fees charged on assets under management across its fund range, which includes UK-domiciled funds (Heriot Global Fund, Heriot Global Smaller Companies Fund), US strategies, and Australia/New Zealand funds distributed through Apostle Funds Management.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Dundas Global Investors is an employee-owned investment management firm that manages global equity portfolios for professional and institutional clients, focused exclusively on companies with consistent dividend growth. It sells a focused range of regulated funds — UK-domiciled OEICs (Heriot Global Fund, Heriot Global Smaller Companies Fund), US-based international equity ADR strategies, and Australia/New Zealand funds — earning revenue through investment management fees charged on assets under management.

Product overview

Dundas Global Investors is an employee-owned investment management firm offering a focused portfolio of global equity funds following a single dividend growth philosophy. The core products include the Heriot Global Fund (UK OEIC, launched 2013, approximately 60 stocks), the now-closed Heriot Global Smaller Companies Fund, the Apostle Dundas Global Equity Fund (Australia/New Zealand), and various US-based international equity ADR strategies. All funds follow the same investment discipline of selecting companies with robust dividend growth characteristics, managed by the same investment team based in Edinburgh.

Differentiator

Problem solved

Functional benefit

Products and services

• Heriot Global Fund A UK-domiciled OEIC global equity fund investing in approximately 60 listed global equities with a focus on dividend growth companies. Aims to provide capital appreciation over the long term (five years or more) and is benchmarked against the MSCI All Country World Index. For professional investors accessing Dundas' dividend growth strategy via UK distribution partners.
• Heriot Global Smaller Companies Fund A UK-domiciled OEIC global equity fund focused on smaller companies with strong dividend growth potential. The fund is now closed, with a termination letter available to existing investors explaining the closure and impacts.
• Apostle Dundas Global Equity Fund An Australia and New Zealand domiciled global equity fund following Dundas's dividend growth philosophy, distributed through Apostle Funds Management to investors and advisers in those markets.
• Dundas Global Equity Growth Composite A US-based international equity strategy focused on dividend growth companies, run as a composite for US institutional and adviser clients.
• Dundas International Equity ADR Growth (20 stock) A US-based ADR growth strategy holding approximately 20 stocks of international equities, focused on dividend growth via American Depositary Receipts.
• Dundas International Equity ADR Growth (25-40 stocks) A US-based ADR growth strategy holding 25-40 stocks of international equities, focused on dividend growth via American Depositary Receipts with a broader universe than the 20-stock variant.

Quantifiable outcome

• Dividends comprise 80% of total return over 10-year periods, demonstrating dividend growth as the dominant force in long-term equity returns

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core and minor.

• Waystone Management (UK) LimitedcoreChannel Partner/ Reseller/ DistributorServes as Authorised Corporate Director (ACD) for the Heriot Investment Funds, handling fund administration, compliance oversight, and investor services for the UK-domiciled OEIC funds.
• LGBR CapitalcoreChannel Partner/ Reseller/ DistributorUK-based distributor for Heriot Global Fund and Heriot Global Smaller Companies Fund, providing investor relations and sales support to wealth managers, IFAs, and professional investors.
• Apostle Funds ManagementcoreChannel Partner/ Reseller/ DistributorAustralian and New Zealand distributor for the Apostle Dundas Global Equity Fund, managing distribution relationships with local investors and financial advisers in those markets.
• Future AssetminorOthersMember of Future Asset, an organization supporting diversity and inclusion in the asset management industry.

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• EdenTree Investment Management: UK-based responsible investment manager with dividend-focused equity strategies distributed via UK platforms. Closely comparable income/dividend orientation and UK intermediary distribution footprint.
• Harding Loevner: US-based global equity manager with a quality-growth, fundamentals-driven process and strong stewardship credentials. Closest comparable to Dundas's dividend-growth philosophy and US/UK institutional reach.
• Tweedy, Browne: Long-standing global value/dividend-oriented manager with a buy-and-hold philosophy. Highly comparable investment discipline to Dundas's dividend-growth focus and long-term orientation.
• Amati Global Investors: Edinburgh-based boutique active equity manager; recent Dundas hire Hamish Galt joined from Amati. Comparable boutique scale and active equity focus, with overlap in UK professional-investor distribution.
• Brown Advisory: US-headquartered independent active manager with global and international equity strategies built on fundamental research. Comparable employee-owned structure and quality-focused global equity process.
• Walter Scott & Partners: Edinburgh-based, employee-owned global equity manager with a long-term, fundamentals-driven philosophy. Highly comparable to Dundas in location, ownership structure and global active equity focus; founded by Alan McFarlane's former employer.

Broad incumbents

• Lazard Asset Management: Large global asset manager offering fundamental global and international equity strategies. Comparable institutional client base and global equity coverage, but at materially larger scale than Dundas.
• Baillie Gifford: Large Edinburgh-based active global equity manager with multiple strategies. Comparable geography and active global equity orientation, but materially larger and broader in product range than Dundas.
• abrdn (Aberdeen Asset Management): Edinburgh-headquartered global asset manager offering global and regional equity funds. Shares location and active global equity franchise; Andrew Brown's 18-year tenure there makes it a direct talent and strategy peer.

Regional players

• Rathbone Investment Management: UK-focused discretionary and fund manager serving private clients and intermediaries with multi-asset and global equity capabilities. Comparable UK IFA and wealth-manager distribution model to Dundas.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/dundas-global-investors

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dundas Global Investors