Martin Currie names new head of Securities Trust of Scotland fund

Edinburgh investment house Martin Currie has announced a new portfolio manager for its Securities Trust of Scotland fund.

The firm said yesterday that Mark Whitehead will replace Alan Porter in the role having only just joined the firm in November to head up a newly created global equity income team.

Mr Whitehead was previously with Sarasin & Partners where he served as a partner and head of equity income, as well as lead portfolio manager for their global equity income range with over £900m of assets under management.

The company said Mr Porter will remain a senior member of Martin Currie’s income group.

Both he and Mr Whitehead will co-manage the Legg Mason IF Martin Currie Global Equity Income Fund.

Mr Whitehead said: “The investment trust structure provides great flexibility and enables us to deliver enhanced returns alongside the certainty of rising income for shareholders. I am fully committed to delivering on these goals.”

Neil Donaldson, chairman of Securities Trust of Scotland, said: “Mark is a proven and talented investor and his appointment to manage Securities Trust of Scotland is very good news for the company.”

Following through with the proposal made in June 2015, the company added a fourth dividend of 1.45p, bringing the total annual dividend to 5.8p and creating a yield of 4.3 per cent.

In what was seen in some quarters as a controversial move, STOS stated that it would draw from capital reserves to enhance its dividend in order to deliver its objective of rising income and long-term capital growth.