Securities Trust of Scotland gets new manager

Securities Trust of Scotland gets new manager

Mark Whitehead will take over as lead manager of Martin Currie’s £152m Securities Trust of Scotland, replacing previous manager Alan Porter.

Mr Whitehead joined Martin Currie last year as head of income, part of the company’s decision to focus more on its global equity income capabilities.

Prior to joining the Scottish asset manager Mr Whitehead was head of the income team at Sarasin & Partners and lead manager of its global equity income range.

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Mr Porter will stay with Martin Currie as a senior member of the income team. Mr Whitehead will also join Mr Porter as co-manager of the Legg Mason IF Martin Currie Global Equity Income fund.

Neil Donaldson, chairman of the Securities Trust of Scotland, said: “Mark is a proven and talented investor and his appointment to manage Securities Trust of Scotland is very good news for the company; we look forward to working with him to continue to ensure value and attractive returns for our shareholders.”

Mr Whitehead said: “I joined Martin Currie because of its clear commitment to become a leading manager in the Global Equity Income sector.

“The investment trust structure provides great flexibility and enables us to deliver enhanced returns alongside the certainty of rising income for shareholders.”

The trust has lost 0.5 per cent over one year and 4.1 per cent over three years, according to FE Analytics.