Angus Macpherson has joined the board of the Templeton Emerging Markets investment trust (TEMIT) as non-executive director, with the view to take position of chair in January 2024.
Macpherson will replace chairman Paul Manduca, who will retire at the start of next year after eight years in the position. Manduca has also served on boards for St James’s Place and Prudential.
“I am delighted that Angus has agreed to join the board in October and succeed me as chairman in January,” Manduca said. “He is a first-class choice to be the next chairman and I wish both him and the company the very best for the future.”
Macpherson has worked in the finance industry since 1988, beginning his career at Lazard Brothers. He is the chief executive of Scottish Noble & Co, where he has served for almost 18 years. Macpherson also spent 12 years earlier in his career at Merrill Lynch, focusing on Asian markets.
He currently functions as chairman of Pacific Horizon investment trust but has announced he will be leaving the position as he begins with TEMIT. He also holds positions as chairman with Henderson Diversified Income and as director of the Schroder Japan Trust and Hampden & Co.
“I am excited to be joining the board of Templeton Emerging Markets investment trust and look forward to working with the other non-executive directors and the manager,” Macpherson said.
“TEMIT has been at the forefront of emerging markets for over 30 years. It has a strong long-term performance which has helped it to grow to be the largest emerging markets investment trust in the UK. Paul Manduca has made an outstanding contribution during his tenure as Chairman which, with the help of the board, I hope to build on.”
As of 31 August, the over 30-year-old emerging markets fund held £1.94bn in total assets. In their annual general meeting held in July, Manduca outlined that the fund had declined 8.3% in net asset value in the first half but recovered in the second part of the financial year to end with a slight positive annual return of 0.8%.