Baillie Gifford has announced Dominic Neary has been replaced by his two deputy managers at the helm of one of the UK’s oldest investment trusts.
The Scottish American Investment Company (SAINTS) was originally founded in 1873 to take advantage of investment opportunities in the New World. Originally investing in US railroad bonds, it has invested in UK and other overseas investments since the First World War.
James Dow and Toby Ross, previously deputy managers of the trust, are now joint managers, Baillie Gifford announced.
“The board wishes to extend its thanks to Dominic Neary, the former Manager of Saints, for his considerable contribution to the company during his tenure as manager,” it said in a statement.
Mr Neary joined Saints in 2009. Before that he spent time both at Insight Investment, where he managed global equity portfolios in both long-only and market-neutral strategies, as well as at Stewart Ivory. He also has a PhD in statistics
Over the past three years the Trust has underperformed the FTSE World Index. Its net asset value has risen by 55.54 per cent versus a 57.86 per cent gain in the FTSE World index. The trust is currently trades on a three per cent premium.
