19th Mar 2021 10:28
(Alliance News) - Scottish Mortgage Investment Trust PLC said Friday its joint portfolio manager, James Anderson, is stepping down from the trust's investment manager, Baillie Gifford & Co.
Baillie Gifford noted Anderson joined Baillie Gifford in 1983. He has been the portfolio manager of Scottish Mortgage since 2000 and, since 2015, joint portfolio manager with fellow partner Tom Slater.
Slater will continue as lead portfolio manager when Anderson retires and Lawrence Burns, a partner at Baillie Gifford, will become deputy portfolio manager with immediate effect.
Scottish Mortgage pointed out Anderson is set to become chair of Swedish investment company Kinnevik AB, which is currently held in the company's portfolio.
"If appointed, James would recuse himself from any investment discussions and decisions about the company's holding in Kinnevik and its underlying investments while he remains joint portfolio manager of the company," the trust explained.
Scottish Mortgage Chair Fiona McBain added: "James's approach of identifying and holding transformational growth companies has helped drive economic progress and delivered exceptional returns for shareholders. He has also pioneered our investments in private companies, one of the trust's most important strategic initiatives to date.
"James and Tom constantly seek to observe, learn and improve. This has resulted in an investment philosophy that will continue to evolve. I and my fellow directors look forward to working with James, Tom and Lawrence over the coming year, and with Tom and Lawrence after that."
Shares in Scottish Mortgage were down 1.7% in London on Friday morning at 1,131.00 pence each.
By Paul McGowan; [email protected]
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