The Association of Investment Companies (AIC) has appointed Elisabeth Scott as chairwoman to take over from Rachel Beagles, who will remain on the board.
Ms Scott joined the AIC board in 2018 and was elected deputy chairwoman two years later.
She also acts as chairwoman of the India Capital Growth fund and as director of Allianz Technology Trust, Dunedin Income Growth Investment Trust and Fidelity China Special Situations.
Ms Scott began her career as a trainee investment manager with British Investment Trust and later spent 16 years working in fund management for Schroders in Hong Kong.
She takes over from Ms Beagles who has led the AIC board for three years.
Ms Scott, said: “It is an honour to have been elected chair of the AIC, having been involved with investment companies as a fund manager, investor and non-executive director for thirty-five years.
“The industry has shown tremendous resilience in the face of the Covid pandemic, highlighting many of the unique benefits of investment companies.
“I look forward to helping the industry continue its long history of serving investors and to representing investment companies, alongside the AIC executive, in the public sphere.”
The AIC has also elected Sapna Shah and Mickey Morrissey to the board, while Chris Fletcher and Chris Hills have retired from the board after nine and six years of service respectively.
Ms Shah is co-head of investment companies at Panmure Gordon and responsible for providing fundraising, corporate finance and corporate broking advice to investment company boards and fund managers.
She previously held senior roles at Cenkos Securites and Stifel after beginning her career with UBS.
Mr Morrisey is a partner at Smith and Williamson Investment Management and has 30 years’ experience in the advisory market.
He was previously a director of Mercury Fund Managers, Mercury Investment Services and Liontrust Investment Services.
He said: “Post RDR, investment companies have seen significant growth in demand from the IFA market but there is plenty of scope for this to grow further. I am excited about bringing my experience in the advisory and platform space to help extend the growing demand for investment companies.”
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