The board of the £400 million Scottish Oriental Smaller Companies Trust plc announced that Sreevardhan Agarwal has assumed responsibility as lead manager with immediate effect.

The management change follows the November 14 announcement that Scottish Oriental Smaller Companies Trust reported net asset value total return up 18.6% in the year to August 31, comparing favourably to the MSCI AC Asia ex Japan Small Cap Index return of 13.5% and the MSCI AC Asia ex Japan Index return of 12%.

“This appointment follows the board being informed by FSSA that Vinay Agarwal, the lead manager for the company, has left FSSA by mutual agreement,” said Scottish Oriental.

“The board is grateful to Vinay for his contribution to the success of the company and wishes him the very best in his future endeavours.”

The fund’s 10 largest investments are currently in DPC Dash, franchise operator for Domino’s Pizza stores in China; Uni-President China, instant noodle and beverage firm; convenience store operator Philippine Seven; China designer apparel brand JNBY Design; Century Pacific Food, largest canned food producer in the Philippines; Colgate-Palmolive India; Cloud Music, second largest online music platform in China; Selamat Sempurna, largest manufacturer of filters and radiators in Indonesia; India’s Kansai Nerolac Paints; and India’s Metropolis Healthcare, a diagnostics testing service provider.

Sreevardhan Agarwal has acted as the fund’s deputy manager and, latterly, co-manager for the past five years and has played an increasingly important role in managing the portfolio over this period.

Sreevardhan Agarwal will continue to be supported by Martin Lau, Managing Partner of FSSA Investment Managers, and the wider resources of FSSA.

On November 14, the fund proposed a final dividend of 14p per share, a year-on-year increase of 7.7% and an additional special dividend of 8p per share.

The fund’s board also proposed a five for one share split “to improve liquidity and marketability of the company’s shares.”