Kennedy steps down after a decade on £800m Scottish trust

John Kennedy has stepped down from managing the £821m Scottish investment trust after ten years at the helm.

Assistant manager Alasdair McKinnon will take over the running of the trust on an interim basis while a replacement is sought, while Kennedy will be employed as a consultant for a short period of time as his responsibilities are transferred. In a statement, the board of directors thanked Kennedy for his "substantial contribution over the period and wish him well for the future". The trust is unusual in not employing an external manager to run the portfolio, a fact that hinders it when compared to other peers in the global growth sector, according to analysts at Numis. "In our view,...