Investment Trust body AIC makes big board changes

Gordon Humphries

Gordon Humphries has been elected as chair of the Association of Investment Companies (AIC) and Sapna Shah has been elected as deputy chair with immediate effect.

Humphries is the former head of investment companies at Standard Life Investments, now called Abrdn. He is currently a director of JPMorgan UK Smaller Companies Investment Trust and Maven Income & Growth VCT 5.

Shah is a non-executive director of BioPharma Credit PLC, Blackrock Greater Europe Investment Trust and Supermarket Income REIT plc.

The AIC represents a broad range of investment trusts and venture capital trusts. It has 341 members and the industry has total assets of £268 billion.

Mickey Morrissey and Sapna Shah have been re-elected to the AIC board.

At the AIC annual general meeting, the membership also elected Simon Elliott and Will Fraser-Allen to the board of with immediate effect.

Elliott is a Client Director and Head of the Investment Trust Sales team at JPMorgan Asset Management, the second largest investment trust provider by assets in the UK.

Fraser-Allen is Managing Partner of Albion Capital which manages six venture capital trusts: Albion Development VCT, Albion Enterprise VCT, Albion Technology & General VCT, Albion VCT, Crown Place VCT, and Kings Arms Yard VCT.

Elisabeth Scott, outgoing chair of the AIC, and Patrick Reeve have retired from the AIC board.

Humphries said: “I would like to congratulate and welcome the newly elected board members, Simon Elliott and Will Fraser-Allen on their appointments to the AIC board.

“Simon’s considerable experience and specialist in-depth understanding of the investment trust industry along with Will’s extensive venture capital trust knowledge will be valuable additions to the AIC and I am sure they will make important contributions to the board.

“I would like to thank Elisabeth Scott and Patrick Reeve, who retired at the AGM.

“Elisabeth has been an outstanding chair and we very much appreciate her significant contribution to the Association and industry.

“Patrick has chaired the AIC’s Audit Committee and his VCT knowledge has been invaluable.”