Troy Asset Management appointed Investment Manager of Securities Trust of Scotland plc | Securities Trust of Scotland
Troy Asset Management appointed Investment Manager of Securities Trust of Scotland plc
Written by , 17 Sep 2020

Troy Asset Management appointed Investment Manager of Securities Trust of Scotland plc

 

• Troy Asset Management Limited has been appointed as investment manager of Securities Trust of Scotland plc

• The Company’s portfolio will be managed by James Harries, supported by Tomasz Boniek

• No change to the investment objective

• Discount control mechanism to be introduced

 

Troy Asset Management Limited (“Troy”) is delighted to have been appointed as investment manager of Securities Trust of Scotland plc (the ”Company”), alongside PATAC Limited (“PATAC”) as the alternative investment fund manager (“AIFM”), company secretary and administrator to the Company, with both appointments taking effect in October 2020.

 

The Company's portfolio will be managed by James Harries, supported by Tomasz Boniek and the wider Troy Investment Team.

 

There will be no change to the Company’s investment objective. Therefore, James will seek to achieve rising income and long-term capital growth through patient and disciplined capital allocation, investing in exceptional, attractively valued companies with strong management teams.

 

The result will be a high conviction, low turnover portfolio of approximately 30 to 50 stocks. Troy’s appointment will allow shareholders access to one of the UK’s leading global equity income strategies managed by one of the most experienced UK investment managers in the global equity income sector, with a strong long-term track record demonstrating top quartile performance.

 

A discount management policy will be introduced, through which the Company will seek, in normal market conditions, to prevent the shares from trading at a meaningful discount to the Company’s net asset value. The efficient use of the discount control mechanism has allowed the two investment trusts currently managed by Troy (Personal Assets Trust plc and Troy Income & Growth Trust plc) to grow significantly through share issuance.

 

Sebastian Lyon, Chief Investment Officer of Troy Asset Management, said: “Troy is delighted to have been appointed investment manager of Securities Trust of Scotland, as this appointment presents us with the opportunity to build upon our existing track record of managing investment trusts.” James Harries, newly appointed portfolio manager of Securities Trust of Scotland, said: “We are very much looking forward to working with the Board of Securities Trust of Scotland and providing rising income and long-term capital growth for shareholders.”

 

John Evans, Chairman of Securities Trust of Scotland, commented: “The Directors of Securities Trust of Scotland are delighted to announce the appointment of Troy Asset Management as the new investment manager of Securities Trust of Scotland and PATAC Limited as the AIFM and company secretary. The Board’s objective throughout the recent search process was to find a team with the resources, record and skills to continue to achieve the trust’s objectives. We believe that in PATAC, Troy, James and Tomasz we have an excellent outcome and we look forward to a long and successful working relationship with all of them.

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