The new company, ScotGems PLC, will begin raising money from investors from 26 June this year.
Former emerging markets fund manager Angus Tulloch, who is due to resign from Stewart Investors in September, has been appointed a non-independent director of the trust alongside Anne West.
With Swarup as lead manager, supported by co-manager Tom Allen, the new trust will primarily focus on a concentrated 20 to 30 investments in global small-cap companies with an initial tilt towards firms in the Asia Pacific region and emerging markets.
Swarup has been with Stewart Investors for three years since leaving a similar role at Fidelity Investments.
William Salomon will be chairman of the board which includes James Findlay and James Maclaurin.
William Salomon said: “I’m delighted to be part of Stewart Investors’ new investment trust venture. Stewart Investors has a proven long-term investment record, particularly in Asia Pacific and Global Emerging Markets.
“The idea of focusing on smaller family-owned companies makes sound investment sense.”
