Mr Macpherson will ascend to the role of chairman on 1 January 2024. The incumbent chairman, Paul Manduca, who has given more than eight years of service to the board, will work in tandem with Mr Macpherson to ensure a smooth transition of roles.

Mr Macpherson commented: “I am excited to be joining the Board of Templeton Emerging Markets Investment Trust and look forward to working with the other non-executive directors and the manager.

“TEMIT has been at the forefront of emerging markets for over 30 years. It has a strong long-term performance which has helped it to grow to be the largest emerging markets investment trust in the UK.

“Paul Manduca has made an outstanding contribution during his tenure as chairman which, with the help of the Board, I hope to build on.”

Mr Manduca, TEMIT’s chairman, said: “I am delighted that Angus has agreed to join the board in October and succeed me as chairman in January.

“He is a first-class choice to be the next chairman and I wish both him and the company the very best for the future.”

Mr Macpherson has extensive experience of investment trusts as a non-executive director and chairman. He is chief executive of Noble and Company (UK) Limited, an independent boutique Scottish corporate finance business.

He was based in Asia between 1995 and 2004 in Singapore and Hong Kong, latterly as head of capital markets and financing for Merrill Lynch for Asia. He is currently chairman of Pacific Horizon Investment Trust, Henderson Diversified Income and a director of Schroder Japan Trust and Hampden & Co.

Mr Macpherson has advised the board of Pacific Horizon that he intends to step down as chair as soon as a suitable successor can be appointed.