Edwardson steps down from Scottish American trust

Dominic Neary has taken over management of the £324m Scottish American investment trust, replacing ten-year veteran Patrick Edwardson.

Edwardson, co-manager of the £5bn Baillie Gifford Diversified Growth fund, will continue to be involved in the trust in an advisory capacity, while former deputy manager Neary takes the reins. The trust also announced a change of benchmark - from 50% FTSE All Share, 50% All World ex UK to FTSE All World index - to better reflect the global approach of the trust. Scottish American continued to reduce its historic bias toward the UK, which represented 26.6% of the portfolio at December 2013 compared with 33.8% in December 2009. The trust returned 14% versus 21.1% for the benchmark in...