Watson steps down as Martin Currie leaves UK equity space

Martin Currie is changing the investment focus of its Securities Trust of Scotland from UK to global equities, with Alan Porter taking over as lead fund manager from Ross Watson.

The change will mean Martin Currie no longer offers UK equity income funds for retail investors. A spokesperson for the group said: "We withdrew from the UK equity space in general last year, either merging or closing funds." The group said a global investment focus will be more beneficial for the trust, as the outlook for the UK is uncertain. The new remit will aim to achieve rising income and long-term capital growth, by investing in global equities. As a result, the fund's benchmark will change from the FTSE All Share to the MSCI World High Dividend Yield index, making it the...