Troy in the press

Troy
Antonia Dodson
17 September 2020
5 mins

Troy Asset Management appointed Investment Manager of Securities Trust of Scotland plc

In the press•Published date 17 September 2020

Troy Asset Management appointed Investment Manager of Securities Trust of Scotland plc

• Troy Asset Management Limited has been appointed as investment manager of Securities Trust of Scotland plc

• The Company’s portfolio will be managed by James Harries, supported by Tomasz Boniek

• No change to the investment objective

• Discount control mechanism to be introduced

Troy Asset Management Limited (“Troy”) is delighted to have been appointed as investment manager of Securities Trust of Scotland plc (the ”Company”), alongside PATAC Limited (“PATAC”) as the alternative investment fund manager (“AIFM”), company secretary and administrator to the Company, with both appointments taking effect in October 2020.

The Company’s portfolio will be managed by James Harries, supported by Tomasz Boniek and the wider Troy Investment Team.

There will be no change to the Company’s investment objective. Therefore, James will seek to achieve rising income and long-term capital growth through patient and disciplined capital allocation, investing in exceptional, attractively valued companies with strong management teams.

The result will be a high conviction, low turnover portfolio of approximately 30 to 50 stocks. Troy’s appointment will allow shareholders access to one of the UK’s leading global equity income strategies managed by one of the most experienced UK investment managers in the global equity income sector, with a strong long-term track record demonstrating top quartile performance.

A discount management policy will be introduced, through which the Company will seek, in normal market conditions, to prevent the shares from trading at a meaningful discount to the Company’s net asset value. The efficient use of the discount control mechanism has allowed the two investment trusts currently managed by Troy (Personal Assets Trust plc and Troy Income & Growth Trust plc) to grow significantly through share issuance.

Sebastian Lyon, Chief Investment Officer of Troy Asset Management, said: “Troy is delighted to have been appointed investment manager of Securities Trust of Scotland, as this appointment presents us with the opportunity to build upon our existing track record of managing investment trusts.” James Harries, newly appointed portfolio manager of Securities Trust of Scotland, said: “We are very much looking forward to working with the Board of Securities Trust of Scotland and providing rising income and long-term capital growth for shareholders.”

John Evans, Chairman of Securities Trust of Scotland, commented: “The Directors of Securities Trust of Scotland are delighted to announce the appointment of Troy Asset Management as the new investment manager of Securities Trust of Scotland and PATAC Limited as the AIFM and company secretary. The Board’s objective throughout the recent search process was to find a team with the resources, record and skills to continue to achieve the trust’s objectives. We believe that in PATAC, Troy, James and Tomasz we have an excellent outcome and we look forward to a long and successful working relationship with all of them.

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Troy Asset Management Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom which can be contacted at 12 Endeavour Square, London E20 1JN.  Troy is registered on the FCA’s register with firm reference number 195764.  Troy is registered with the U.S. Securities and Exchange Commission (“SEC”) as an Investment Adviser (CRD: 319174).  Registration with the SEC does not imply a certain level of skill or training.  Troy is the owner and operator of this website and can be contacted using the details set out in section 11 below.

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This website as well as the securities described on this website are not intended for use and are not offered in the United States of America (including the District of Columbia or any other territory occupied or possessed by the United States of America) or to U.S. Persons (including residents of the United States of America, residents within an area subject to its jurisdiction and U.S. Persons who are resident outside the United States of America).  As such, by accepting these terms you represent and warrant that you are not a U.S. Person as defined under Regulation S of the United States Securities Act of 1933, as amended.

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  1. Contact details

Troy Asset Management Limited, 33 Davies Street, London W1K 4BP, United Kingdom; Telephone +44 (0)20 7499 4030; Email [email protected].  Troy Asset Management Limited is a limited company registered in England and Wales under company number 3930846 and has its registered office at 33 Davies Street, London W1K 4BP , United Kingdom. Except where otherwise required by applicable law or regulations, all communication and documentation sent to you by Troy will be in English.  You may communicate with us in English.

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