Director Changes
John Roper has retired from the board of Ashmore Global Opportunities (AGOE) after three and a half years in office. Richard Hotchkis has been appointed as a new non-executive director; he also serves on the board of a number of other emerging-market funds. The average tenure on the board is just two years now.
Andrew Barker has retired as the chairman of British Portfolio Trust (BPO) after serving more than nine years in this position. Jonathan Cartwright has been appointed the new chairman, having served on the board since September 2010. He is also chairman of the Aberforth Geared Income Trust and serves on two additional boards.
Robert Jeens has stepped down from the board of Gartmore Fledgling Trust (GMF) after less than just eight months in office; he is on the board of Henderson Group Plc. In his place, Tom Bartlam has been appointed to the board; Bartlam serves on four additional boards, including Polar Capital Holdings Plc.
Jamie Cayzer-Colvin will join the board of Henderson Smaller Companies (HSL) on 13 May 2011. Cayzer-Colvin is already a director of three additional closed-end funds, including Caledonia Investments, in which the Cayzer family have a substantial interest. Read more on family fund ownership in Family Ties: Strength or Strangle Hold?
There are several changes afoot on the board of Polar Capital Technology (PCT). Richard Wakeling will retire as both chairman and non-executive director in August after more than 14 years on the board; he has been involved with the company since it launched as Henderson Technology Trust in 1996. Michael Moule takes over as chairman and he has been a board member since January 2007, thus he brings some consistency. Peter Hames will be joining the board in August; Hames stepped down as co-head of Asian Equities at Aberdeen last year to return to Europe. The trust’s manager, Ben Rogoff, spent four years at Aberdeen prior to joining Polar Capital in 2003. We think this is an excellent addition to a stable board.
David FitzWilliam-Lay has announced his intention to step down from the board of Prospect Japan (PJF) in August, after nearly seven years’ service. He was also the longest-serving board member for the company.
Ann Hacker has resigned from the board of ProVen Health VCT (PHV) after eight years on the board. She is no longer connected to any current listed companies.
Director Buying
Candover Investments (CDI) – Malcolm Fallen, Jan Oostervald, Richard Stone, Lord Jay of Ewelme
Dexion Absolute GBP (DAB) – Sally-Ann Farnon
Fidelity Asian Values (FAS) – Kate Bolsover
Gresham House (GHE) – Stephen Ackerman, A Ebel
Henderson Far East Income (HFEL) – David Staples
Invesco Income Growth (IVI) – Hugh Twiss
Jupiter Dividend & Growth Comm (JDTC) – Keith Bray
Murray Income Trust (MUT) – Patrick Gifford
Northern Venture Trust (NVT) – Ross Peters
Phaunos Timber (PTF) – Liane Luke
ProVen VCT (PVN) – Andrew Davison, Stuart Veale
Scottish American (SCAM) – Lord Kerr of Kinlochard, Rachel Lomax, Rt Hon Sir Menzies Campbell
Securities Trust of Scotland (STS) – Neil Donaldson
Jackie Beard, FCSI is Director of Closed-end Fund Research with Morningstar UK.