The Association of Investment Companies (AIC) — which represents the £229 billion investment trust industry — said Elisabeth Scott has been voted chair of the AIC.

The membership of the AIC has also elected Panmure Gordon’s Sapna Shah and Mickey Morrissey of Smith and Williamson Investment Management to the AIC board.

Former chair Rachel Beagles and Elisabeth Scott have been re-elected to the board.

All appointments took effect following the AIC’s annual general meeting on January 14, 2021.

Chris Fletcher and Chris Hills have retired from the AIC board after nine and six years of service respectively.

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 thirty-five 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.

“Sapna Shah and Mickey Morrissey bring a depth of experience in corporate broking and the advisory market to the board.

“This will be of great value to the AIC’s membership and I extend a warm welcome to them both.

“As Chris Fletcher and Chris Hills retire from the AIC board, I would like to thank them for the significant contribution they have made to the AIC and the industry.

“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.”

Shah said: “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 said: “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.”

Shah is co-head of investment companies at Panmure Gordon and responsible for providing fundraising, corporate finance and corporate broking advice to investment company boards and fund managers.

She previously held senior roles at Cenkos Securites and Stifel after beginning her career with UBS.

Morrissey is a partner at Smith and Williamson Investment Management and has over 30 years’ experience in the UK advisory market.

He was previously a director of Mercury Fund Managers, Mercury Investment Services and Liontrust Investment Services.