The Association of Investment Companies (AIC) has appointed Richard Stone as its chief executive from September 13, 2021.

The AIC was founded in 1932 to represent the interests of the UK’s investment trust industry and today represents a broad range of closed-ended investment companies incorporating investment trusts and other closed-ended investment companies and VCTs (Venture Capital Trusts).

The AIC has 362 members and the industry has assets of £257 billion.

Current AIC CEO Ian Sayers will step down in October.

Stone was chief executive of Share plc from 2014 to 2020 and was finance director from 2006 to 2013.

As finance director he played a pivotal role in the flotation of Share plc on AIM in 2008, and as chief executive Stone oversaw the growth of the business prior to its sale to interactive investor in July 2020.

Stone said: “The AIC works hard on behalf of its members and I look forward to continuing that work, for example on issues such as the government’s proposed audit reforms and the ability, post Brexit, for the UK to reform the prospectus requirements.

“At all times I believe regulation and any regulatory change should be proportionate and whilst protecting investors should look to enhance UK competitiveness.

“Investment companies have a key role to play in enabling all investors to access a wide range of investments, including unquoted opportunities, in areas such as infrastructure and emerging biotech and green technologies.

“Investment companies have been delivering for investors for over 150 years and today the industry continues to be a vibrant and growing one which has a lot to commend it to all types of investors, who can benefit from the corporate structure to engage with their investments, including through voting and attending AGMs.

“In my time at Share plc I saw first-hand the difference investment companies can make to investors’ portfolios and I look forward to working with all the team at the AIC in continuing to take that message to a wider audience.”