Investment trust body AIC makes board changes

Baillie Gifford

The membership of the Association of Investment Companies (AIC) has elected former Standard Life Investments head of investment companies Gordon Humphries and Fidelity International’s head of investment companies Alex Denny to the AIC board.

AIC has about 360 member firms and the industry has total assets of around £280 billion.

Peter Niven, deputy chair of the AIC, Susie Farnon and Patrick Reeve have been re-elected to the AIC board.

Rachel Beagles, former AIC chair, and William Hemmings, former AIC deputy chair, have retired from the board.

AIC chair Elisabeth Scott said: “I would like to warmly welcome Alex Denny and Gordon Humphries to the AIC board.

“Alex’s considerable management group experience at Fidelity International and Gordon’s extensive knowledge of VCTs and investment companies will be invaluable.

“They both bring a wealth of enthusiasm for investment companies and I very much look forward to working with them.

“As Rachel Beagles and William Hemmings retire from the board, I would like to thank them for the significant contribution they have made to the AIC and the industry.”

Humphries said: “Investment companies have been in my blood since I joined the industry in 1988 and it is a privilege to join the AIC board.

“Being a director of VCTs and having launched one of the first VCTs, I particularly look forward to contributing to the AIC’s work in this area.

“The AIC has made great progress in promoting the industry to retail investors, advisers and wealth managers and I look forward to the next steps.”

Denny said: “As a millennial professional (still a little shy of 40 years old), I am passionate about investment companies and sit squarely in the target retail demographic of many AIC members.

“Investment companies have always found ways to evolve and stay important for investors and I believe this flexibility is the industry’s greatest opportunity.

“I want to ensure investment companies remain competitive and relevant to all investors.”

Denny is a trustee of the FIL UK Pension plan with member assets of around £650 million.

Humphries is a director of Foresight VCT, Maven Income & Growth VCT 5 and JPMorgan UK Smaller Companies Investment Trust.