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Scottish Mortgage joint portfolio manager to step down

Stock Markets Mar 19, 2021 10:01
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By Samuel Indyk

Investing.com – James Anderson, the joint portfolio manager of Scottish Mortgage Investment Trust PLC (LON:SMT), has confirmed that he will retire from his position on April 30 2022. Baillie Gifford, which runs the investment trust, announced Anderson would be stepping down after managing the portfolio for over 20 years.

Anderson joined Baillie Gifford in 1983 and became the portfolio manager of Scottish Mortgage in 2000. Since 2015, Anderson has been the joint portfolio manager of the firm’s flagship investment trust with fellow Baillie Gifford partner Tom Slater.

“James's approach of identifying and holding transformational growth companies has helped drive economic progress and delivered exceptional returns for shareholders,” said Scottish Mortgage Chair Fiona McBain. “He has also pioneered our investments in private companies, one of the trust's most important strategic initiatives to date.”

Slater is due to continue in his role as lead portfolio manager when James retires. Fellow Baillie Gifford partner Lawrence Burns will become deputy portfolio manager, with immediate effect.

“James and Tom constantly seek to observe, learn and improve. This has resulted in an investment philosophy that will continue to evolve,” McBain added.

“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."

Scottish Mortgage Impact

Speaking about the change at Scottish Mortgage, Brewin Dolphin senior investment manager John Moore said: “Losing such a recognisable name could unnerve some investors, but Baillie Gifford’s, and Scottish Mortgage’s, long-term track record is excellent and some immediate uncertainty should not change views on either.”

The FTSE 100 listed investment trust opened lower on Friday morning and at 10:00GMT, shares in the trust are down 1.7% at 1,132.70p.

Scottish Mortgage joint portfolio manager to step down
 

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