The Association of Investment Companies (AIC) has appointed Elisabeth Scott as its new chair to replace Rachel Beagles, who will remain on the board.
Scott joined the board in 2018 and was elected deputy chair in January 2020. Her new role came into effect following the annual general meeting (AGM) on 14 January.
She also holds positions as chair of the India Capital Growth fund and as a director of Allianz Technology Trust, Dunedin Income Growth Investment Trust and Fidelity China Special Situations.
She began her career as a trainee investment manager with British Investment Trust and spent 16 years working for Schroders in Hong Kong.
Outgoing chair Beagles, who was chair of the AIC from 2018 and has been a board member since 2015, has been re-elected to the board.
Scott said: "It is an honour to have been elected chair of the AIC, having been involved with investment companies as a fund manager, investor and non-executive director for 35 years.
"The industry has shown tremendous resilience in the face of the Covid pandemic, highlighting many of the unique benefits of investment companies.
"I look forward to helping the industry continue its long history of serving investors and to representing investment companies, alongside the AIC executive, in the public sphere.
"I would particularly like to pay tribute to the former chair, Rachel Beagles, and to extend my appreciation for her outstanding contribution and dedication to the AIC and the industry."
Meanwhile, Sapna Shah and Mickey Morrissey have joined the AIC board, while Chris Fletcher and Chris Hills have retired from the board after nine and six years of service respectively.
Shah is co-head of investment companies at Panmure Gordon and has previously held senior roles at Cenkos Securites and Stifel after beginning her career with UBS.
She commented: "It is a privilege to join the board of the AIC. Investment companies have always found ways to evolve and stay relevant for investors and I believe this flexibility is the industry's greatest opportunity.
"I am looking forward to helping the industry continue its work and promote itself to a wider audience."
Morrissey is a partner at Smith and Williamson Investment Management and has over 30 years' experience in the UK advisory market.
He added: "Post RDR, investment companies have seen significant growth in demand from the IFA market but there is plenty of scope for this to grow further.
"I am excited about bringing my experience in the advisory and platform space to help extend the growing demand for investment companies."