Baillie Gifford has announced that Spencer Adair, a manager of the £2.8 billion Monks Investment Trust plc, will retire on March 31, 2026, after 26 years at the Edinburgh investment giant.

“The portfolio will continue to be managed by the Global Alpha team at Baillie Gifford,” said the firm.

“This will comprise current managers Malcolm MacColl and Helen Xiong, who will be joined as co-managers by Michael Taylor from 1 April 2026.

“Mr MacColl is a Managing Partner of Baillie Gifford and has managed Monks alongside Spencer since the Global Alpha team took over its management in March 2015.

“Ms Xiong, a partner of Baillie Gifford, has been a member of the Global Alpha team since 2020.

“Mr Taylor, a recently appointed partner of Baillie Gifford, began his investment career with Baillie Gifford in 2009. Following seven years at Marathon Asset Management, he returned in 2022 and has worked closely with the team since joining formally as a decision maker in April this year.

“Spencer will remain in his current role until his retirement, continuing to work closely with Malcolm, Helen and Michael to ensure a smooth transition and handover of responsibilities.

“There will be no change to the company’s investment objective or strategy.”