Scottish Mortgage retains spot on II buylist despite ‘mastermind’ James Anderson’s departure
II says incoming deputy manager Lawrence Burns is an ‘ideal fit’ for the £17bn trust
Scottish Mortgage has retained its place on Interactive Investor’s ‘Super 60’ rated list despite the impending retirement of star manager James Anderson.
Scottish Mortgage co-manager Tom Slater will continue to run the trust alongside newcomer Lawrence Burns who was promoted to deputy manager last month in anticipation of Anderson’s retirement.
Anderson has worked for Baillie Gifford for nearly four decades, managing Scottish Mortgage for the last 21 years. Over five years, the trust has returned 366%, compared to the IT Global average of 108%.
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Canaccord Genuity WM eyes Scottish expansion with Adam & Company acquisition
The £54m deal will take the Edinburgh-based investment business off RBS’ hands
Cannacord Genuity has struck a deal to acquire the private client business of Adam & Company from RBS for £54m in a bid to lay down roots in the Scottish market.
Using its UK wealth management arm the Canadian firm will hoover up £1.7bn in discretionary assets from the Edinburgh manager which RBS parent Natwest put up for sale earlier this year.
The deal, which is due to complete at the end of September subject to regulatory approval, is expected to boost CGWM UK’s adjusted earnings. Adam & Company has seen its client asset grow by approximately 45% over the past five years and generated revenues of £12.5m for the year ended 31 December 2020.
ASI remains tight-lipped on spat with Martin Gilbert over Assetco stake
The Aberdeen Asset Management founder passively voted against his own appointment as chairman of Assetco
Martin Gilbert has been caught up in a peculiar row with his former employer Aberdeen Standard Investments which has resulted in Gilbert voting against his own appointment as Assetco chair.
Sky News reported that ASI used Gilbert’s 9.9% stake in Assetco to vote against his reelection as chairman and to counter a generous annual bonus and long term incentive plan (LTIP) which would come to Gilbert and other executive directors if the firm sees 20% growth in total shareholder value.