The Association of Investment Companies (AIC) has paid tribute to Hamish Buchan, a leading investment trust analyst, respected investment trust director and former chair of the AIC, who has died.

Buchan was chair of the AIC from 2005 to 2007 and a director of the AIC from 2001 to 2011. As chair of the AIC he steered the association through an important industry milestone, the AIC’s win at the European Court of Justice regarding VAT on management fees.

Buchan was chair of the AIC’s statistics committee from 2001 to 2010 and a member of the committee for 25 years.

He was a director of many investment trusts during his career, including Personal Assets Trust, Aberforth Smaller Companies, Templeton Emerging Markets, The Scottish Investment Trust, Patria Private Equity Trust plc, JPMorgan American Investment Trust plc and Shires Income.

Buchan joined Wood Mackenzie & Co as an analyst of investment trusts in 1969. Over the next 30 years, without changing job, but through several changes of ownership, he developed the investment trust team into one of the leading commentators in the sector.

“Hamish was a long-standing champion of investment trusts,” said AIC CEO Richard Stone.

“Through his work at the AIC and as a leading analyst and director, Hamish’s contribution to the industry was exceptional. He was a passionate and committed supporter who achieved so much for investment trusts.”

AIC communications director Annabel Brodie-Smith said: “Hamish will always be an investment trust legend. His knowledge, devotion and tireless work for the investment trust industry is unrivalled.

“It was a pleasure to work with such a kind and funny man. He never wasted any time on the phone but if you had a problem, he had all the time in the world. He will be very much missed.”