Up-and-coming fund manager Tom Slater has been promoted to joint manager of Baillie Gifford’s Scottish Mortgage Investment Trust alongside veteran James Anderson.
Mr Slater had been deputy manager on the trust since 2009, having joined the firm in 2000, though he took on sole responsibility for the trust for six months in 2013, when Mr Anderson took a six-month sabbatical to write a book.
Mr Anderson has managed the Scottish Mortgage trust since 2000, having joined Baillie Gifford in 1983.
Although the trust struggled to beat its peer group or the global index in the early years of Mr Anderson’s tenure, performance has taken off in the past decade, during which the trust is the best-performing open or closed-ended retail global equity product.
In the past 10 years, the trust has generated a total return of 345.5 per cent, compared to its peer group average of 135 per cent and the FTSE All World index total return of 104.7 per cent.
