Baillie Gifford

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

The average investment trust discount is now close to the lowest it has been for over 30 years. Tim Cockerill, investment director at Rowan Dartington, asks if the trend is down to RDR.

Fund buyers have flagged the possibility of the country's largest emerging market equity funds reopening after outflows and market falls prompted a sharp drop in assets.

Hawksmoor's Richard Scott has taken a contrarian approach to his rivals by investing in global emerging market equities - predominantly via trusts - following the sell-off.

Baillie Gifford is to remove a 2% initial charge from its Emerging Markets Growth fund next week as it seeks to encourage new investment once more.

Since Federal Reserve chair Ben Bernanke first raised the prospect of tapering on 22 May, bond funds have endured a torrid run, but some have coped much better than others.

Majedie Asset Management has hired former Baillie Gifford fund manager Tom Record to lead the development of a long-only global equity offering.

REGULATION

J.P. Morgan Asset Management (JPMAM) has hired the head of Bank of America Merrill Lynch's global equity sales desk as co-manager on its £86m Global Equity Income fund.

Leading investment trusts are racing to scrap performance fees as the move to clean pricing in the open-ended space puts pressure on charges.