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F&C veteran Tigue to retire

Veteran manager Jeremy Tigue is stepping down from the Foreign & Colonial Investment Trust as he prepares to retire.

Tigue has run the flagship investment trust, which is the first of its kind and launched in 1868, for almost 17 years. He will be replaced on 1 July by F&C Asset Management head of multi-asset investment Paul Niven.

Tigue will retire at the end of the year after 33 years with F&C.

An investment of £1,000 in the investment trust at the start of Tigue’s management would have yielded £3,215 by 31 December 2013 with dividends reinvested, the firm calculates. That compares with £2,697 returned by the FTSE All World Index.

The trust made a net asset value total return of 21.4 per cent, with a total dividend of 9p in 2013. Total shareholders’ funds grew to £2.43bn at 31 December, from £2.08bn the previous year.

FE Analytics shows the trust was third quartile in the year to 3 March, and second quartile over three years.

F&C says Niven has worked alongside Tigue for a decade and is experienced in running large diversified funds.

F&C head of investment trusts Marrack Tonkin says: “We would like to express our warmest thanks to Jeremy for his contribution to FCIT and F&C Asset Management during his long and successful tenure here.”

Whitechurch Securities head of research Ben Willis says: “In terms of investment trusts it is a pretty core holding, but we look for something a bit more specialised or geared.”

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