Chairmanship Succession

RNS Number : 8835X

F&C Investment Trust PLC

02 May 2019

 

F&C INVESTMENT TRUST PLC

LEI: 213800W6B18ZHTNG7371                                                                   2 May 2019

Chairmanship Succession

The Board is pleased to announce that Beatrice Hollond will succeed Simon Fraser as Chairman of F&C Investment Trust PLC ("FCIT") by the end of the year after a period of transition.  Mrs. Hollond was appointed as a non-executive Director of FCIT on 1 September 2017.

Beatrice Hollond's appointment will conclude the search process initiated by the Nomination Committee in 2018 and led by Sir Roger Bone, FCIT's Senior Independent Director.  The process included the use of an independent search company and the formal selection and interview of potential external candidates for the role under clearly defined candidate criteria, which were equally applied in considering Mrs. Hollond's own application for the appointment.

Commenting on the appointment, Sir Roger Bone, said:

            "We are delighted that our thorough search process has confirmed that FCIT has in         Beatrice Hollond the ideal successor to Simon Fraser as Chairman."

Beatrice Hollond said:

            "I am excited in having the opportunity to continue Simon Fraser's excellent work as Chairman    in promoting the success of FCIT and the momentum created from its 150th anniversary year."

Simon Fraser, said:

            "Beatrice Hollond's in-depth investment knowledge, expertise and experience in asset management and her directorship and chairmanship skills make her very well suited in leading FCIT forward in the years ahead.

            FCIT's original collective investment idea and purpose is even more relevant today by providing a globally diversified investment portfolio that continues to meet the ever-increasing needs of the smaller investor. I have every confidence that it will continue to do so for many more years to come."

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Notes to Editors

·     Beatrice Hollond spent 16 years at Credit Suisse Asset Management in Global Fixed Income and began her career as an equity analyst at Morgan Grenfell Asset Management.  She is Chairman at Millbank Financial Services and a member of the Board of Brown Advisory. Beatrice holds non-executive directorships at Telecoms Plus PLC, M&G Group Limited, Templeton Emerging Markets Investment Trust and Henderson Smaller Companies Investment Trust PLC. 

·     FCIT is one of the largest global growth trusts listed on the London Stock Exchange, with assets of £4 billion and tens of thousands of private investors owning approximately 90% of the shares.

·     The objective of FCIT is to secure long-term growth in capital and income through a policy of investing primarily in an internationally diversified portfolio of publicly listed equities, as well as unlisted securities and private equity, with the use of gearing. Approximately 6.0% of FCIT's assets (including private equity) are invested in the UK, 53.2% in the USA, 15.8% in Europe, 11.5% in Emerging Markets, 9.2% in Japan, 2.2% in Developed Pacific and liquidity 2.1%.

·     FCIT was the very first investment trust and celebrated its 150^th anniversary in 2018.  It is the oldest continuously listed company on the London Stock Exchange and has paid a dividend in every year since its launch in March 1868.

·     FCIT is run by an independent Board of Directors responsible for governance, strategy and results, while management of the investments is carried out by BMO Investment Business Limited under contract.

Name of contact and telephone number for enquiries:

Hugh Potter: 020 7628 8000  

BMO Investment Business Limited,

Secretary of F&C Investment Trust PLC

[e-mail]

020 3727 1888

 

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