Whitehead appointed Securities Trust of Scotland manager

Added 12th May 2016

Martin Currie announced on Thursday that Mark Whitehead will replace Alan Porter as lead portfolio manager of the Securities Trust of Scotland.

Whitehead appointed Securities Trust of Scotland manager

Whitehead was hired by the investment management company in the final quarter of 2015 to head up a newly created global equity income team.

He was previously with Sarasin & Partners where he served as a partner and head of equity income, as well as lead portfolio manager for their global equity income range with over £900m of assets under management.

The former STOS portfolio manager, Porter, will remain a senior member of Martin Currie’s income group. Both he and Whitehead will co-manage the Legg Mason IF Martin Currie Global Equity Income Fund.

Whitehead said he is eagerly anticipating his new post: “The investment trust structure provides great flexibility and enables us to deliver enhanced returns alongside the certainty of rising income for shareholders. I am fully committed to delivering on these goals.” 

“Mark is a proven and talented investor and his appointment to manage Securities Trust of Scotland is very good news for the company,” remarked Neil Donaldson, chairman of Securities Trust of Scotland.  

Following through with the proposal made in June 2015, the company added a fourth dividend of 1.45p, bringing the total annual dividend to 5.8p and creating a yield of 4.3%.

In what was seen in some quarters as a controversial move, STOS stated that it would draw from capital reserves to enhance its dividend in order to deliver its objective of rising income and long-term capital growth. 

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