Former Baillie Gifford star Ward increases share in Edinburgh trust

Veteran fund manager Max Ward, has bought a further 50,000 shares in Edinburgh-based Independent Investment Trust, the company he manages and created, taking his holding in the firm to 5.2million shares.

He bought them at 386.5p, and now holds a 9.26 per cent stake in the business.

The former Baillie Gifford star founded the trust in 2000 after he stepped down as manager of Scottish Mortgage at the age of 50, and attracted over £50m from friends and supporters.

Mr Ward has reaped the reward of a big bet on housebuilders driving returns from his £190million trust.

His stake has grown in value this year by about £4.7 million as the shares have risen from 299p to yesterday’s unchanged 390.5p, valuing Independent at £220 million.

Mr Ward, has long favoured the housebuilding sector, where both Persimmon and Taylor Wimpey have reported soaring profits and payouts in the past week.

Chairman Douglas McDougall holds shares in Independent worth £28.6m, and Sir Angus Grossart £7.9m.