Fifth of trusts change manager over past 18 months

Almost one fifth of investment trusts have changed managers in the last 18 months as a result of retirements, departures and greater board scrutiny, according to the Association of Investment Companies (AIC).

The trade association said that 18% of investment companies had appointed a new fund manager over the last year and a half. Its figures include sole managers and those who are part of a team. Some of the most prominent takeovers include Paul Niven (pictured) taking the reins of the Foreign and Colonial investment trust after seventeen years under Jeremy Tigue's stewardship, and Dale Nicholls taking over the management of Fidelity China Special Situations. Six of the appointments have seen boards change the fund house tasked with running their trust's assets. These include British A...