Hiscox CFO to join Caledonia trust board

Caledonia trust has recruited Stuart Bridges, chief financial officer at insurer Hiscox, to join its board as it continues to implement a turnaround plan in an effort to narrow its discount.

Reporting interim results for the six months to 30 September, the trust's board said Bridges would join as a non-executive director on 1 January 2013. Bridges has been CFO at Hiscox since 1999. Caledonia produced a 3.8% NAV total return over the six month period compared with a 1.9% rise in the FTSE All-Share, the board said. The trust continues to trade on a discount of some 27%, however, and is continuing with its policy of buying back shares and selling down non-core investments. Chief executive William Wyatt said the trust realised £130m over the period, including £49m from the...