Portfolio Management Update

RNS Number : 2656Y

abrdn UK Smaller Cos. Growth Trust

05 September 2022

 

abrdn UK Smaller Companies Growth Trust plc

PORTFOLIO MANAGEMENT UPDATE

Legal Entity Identifier (LEI):  213800UUKA68SHSJBE37

abrdn UK Smaller Companies Growth Trust plc (the "Company") announces that it has been notified by abrdn plc that, after 37 years with Standard Life and abrdn, Harry Nimmo will retire at the end of 2022 and will, therefore, step down as co-manager of the Company at that time.

Abby Glennie, who has worked alongside Harry in the Smaller Companies team since January 2016 and has been co-manager of the Company since November 2020, will become the Company's lead manager and will be supported by Amanda Yeaman, an investment director in the Smaller Companies team.

Harry joined Standard Life in 1985 and started the Smaller Companies Team in 1993 and has been the manager of the Company for over 19 years. The Quality Growth Momentum process that he developed with his team has been used since Standard Life was appointed manager in 2003 and, under his management, the Company has grown from having net assets of £44 million to over £500 million.

Liz Airey, Chairman of abrdn UK Smaller Companies Growth Trust said "On behalf of the Board and shareholders, I would like to thank Harry for all that he has done for the Company in making it one of the pre-eminent investment trusts in the UK Smaller Companies sector and wish him a long and happy retirement. The mantle for managing the portfolio is being passed to Abby Glennie who has been co-manager of the portfolio since November 2020 and Amanda Yeaman who will be the deputy manager. The Board has been working with Abby now for several years and is pleased to have her and Amanda responsible for the portfolio and is confident that the strong long-term performance generated under Harry's leadership will be continued over the coming years".

  ------ENDS------

For further information, please contact:

Stephanie Hocking
Evan Bruce-Gardyne
abrdn plc
0131 372 2200

 

END

 

 

PFUUPURUBUPPUBA