Scottish Mortgage Investment Trust (LON:SMT) has confirmed one of its portfolio managers is set to retire.
James Anderson, who manages the trust alongside Tom Slater, will step down in April 2022 after nearly 40 years at Baillie Gifford.
Ryan Hughes, head of active portfolios at AJ Bell, praised Anderson’s handling of the Scottish Mortgage Investment Trust, drawing attention to the manager’s returns.
“Anderson has helped build Scottish Mortgage into a phenomenal investment trust over many years with his clear, high conviction approach being a driving force behind its willingness to invest in early stage companies and hold them while they become global winners with Amazon, Tesla and Alibaba all being great examples,” Hughes said.
“Since being appointed manager on the trust on the 1 April 2000 he has delivered a staggering 1,700% returning, equivalent to turning a £1,000 investment into £18,000 compared to just £4,440 if invested in the FTSE All World benchmark.”
Hughes also discussed investors’ concerns and looked towards the future of the Scottish Mortgage Investment Trust without Anderson.
“News that James Anderson is stepping down as joint portfolio manager on the Scottish Mortgage investment trust will potentially cause some worry to the thousands of investors who have made fantastic returns over many years,” says Hughes.
“However, it’s important to remember how Baillie Gifford work with the investment process being firmly embedded in the team-based approach and experienced investor Tom Slater remaining at the helm. With Anderson not stepping back for over a year, this has been well planned with a clear handover process for Lawrence Burns to become deputy manager on the trust to support Slater.”
Anderson joined Baillie Gifford in 1983 and became a partner four years later. He has been manager of Scottish Mortgage since 2000 and, since 2015, joint manager with Tom Slater.
