Scottish Investment Trust appoints new director and audit Chair

The Scottish Investment Trust has announced the appointment of Karyn Lamont as a non-executive director and Chair of its audit committee.

The firm said she will begin her tenure on 1 October 2017 when she will replace Ian Hunter, who steps down after 3 years of service to the company during a time of restructuring for the Trust.

The Scottish said Ms Lamont joins with a depth of specialist experience developed over 25 years at PwC, 13 years of which were as Audit partner, managing clients from across the UK’s financial services sector including several high-profile investment trusts.

As a result of an in-depth strategic review of the fund the company has seen some significant change over the last 18 months.

Most crucially a change in investment style to its current more highly active contrarian approach, under the new leadership of Alasdair McKinnon, and an outsourcing of administrative functions to create a more cost effective and efficient model.

The firm said the new contrarian approach requires the investment team to “think differently and not just to follow the herd in order to offer a truly relevant, active investment opportunity”.

Chairman James Will said: “The Board and I would like to thank Ian for his considerable contribution, particularly over the last eighteen months as the Company reorganised a number of its key administrative functions. The Company continues to offer investors low-cost access to a diversified portfolio of international equities with a high conviction, contrarian approach and a long track record of dividend growth. I look forward to working with Karyn, the Board and the management team with the continuing aim of providing above-average returns for shareholders over the longer term.”