A member of the Lindsell Train Investment Trust’s board is to retire this summer.
In a statement to the stock exchange this morning (April 17), the company said Richard Hughes will leave the board for personal reasons.
Hughes has served on the board since 2018 and was chairperson of the audit committee, a role which will be taken over on an interim basis by Helena Vinnicombe.
A recruitment process is underway to replace Hughes.
Hughes had previously spent 31 years with M&G, leaving in 2018, where he most recently managed the £650mn M&G UK Income Distribution fund.
He also served as the manager of the M&G Recovery fund from 1987 to 2000, the M&G UK Smaller Companies fund from 1986 to 1992, and the M&G Charifund from 2001 to 2016.
Hughes has no other directorship positions, according to Companies House.
The £205mn trust is currently trading at a 1.66 per cent discount to net asset value.
It has seen a net asset value return of 0.2 per cent over the past 12 months, compared with the 2.7 per cent gain from the MSCI World Index.
In the most recent report for the trust, portfolio manager Nick Train said the world is an “uncertain place”.
“Technology is creating great new wealth, but it is also destroying old wealth, including 'old' technology wealth,” he said.
“In such circumstances holding a meaningful proportion of your wealth in brands and business franchises that are highly likely to endure whatever gets thrown at them is attractive.”
sally.hickey@ft.com
