ScotGems trust invests in Russia on day of invasion

Investment manager resigned on 9 March

Stewart Investors, the managers of the £48m ScotGems investment trust, bought a Russian company on the day the nation invaded Ukraine.

In its final results published on 11 March the chair said in his statement that there had been no direct investment in Russian companies prior to this because of "corporate governance concerns". "Regrettably, on 24 February 2022, they bought a position (1.1% of trust NAV) in a London-listed GDR of a Russian retailer called the Fix Price Group," the statement said. "The board was very surprised with such a decision being made, and even more so that First Sentier Investors permitted such a trading instruction to be processed, in the prevailing circumstances. "Given that stockmarket trad...