First State Stewart Asia manager Martin Lau is to step back from his duties on the £312m Scottish Oriental Smaller Companies Trust as part of a broader team reshuffle.
The investment trust's board said in a statement that current lead portfolio manager Wee-Li Hee will become co-manager upon returning from maternity leave in July.
Vinay Agarwal, who has managed the trust in her absence, will take over the lead manager position, with Scott McNab remaining as deputy manager and Mr Lau relinquishing his formal role with the trust.
In an update the board said: "Martin Lau will no longer have a formal role with the company but will continue to provide company analysis and oversight in his role as joint managing partner of the First State Stewart Asia team."
The trust has struggled over the past three years, returning 36.5 per cent compared with a sector average of 51.3 per cent, according to FE.
