Baillie Gifford’s flagship £5 billion fund, the Scottish Mortgage Investment Trust plc, said Fiona McBain would succeed John Scott as chairman of the FTSE 100 company at the company’s next AGM in June.

The news on McBain came as the closed-end fund announced its results for the year to March 31, 2017.

Scottish Mortgage said its net asset value increased 38.1% compared to a 33.1% rise in the company’s benchmark, the FTSE All World index, and the company’s share price soared 40.9% during the year.

“After some 16 years on this board, I feel that it is time to move on and I have therefore decided not to stand for re-election to the board at the AGM in June,” said Scott.

“Following a process led through the nomination committee by our senior independent director, Professor John Kay, the board was unanimous in supporting Fiona McBain as our new chairman and it is proposed that she will take over from me following the AGM.

“Fiona has recently retired as chief executive of Scottish Friendly and in her eight years with Scottish Mortgage has proved to be a strong contributor to the board.”