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New India Investment Trust Plc
Unit Investment Trusts, Face-Amount Certificate Offices, and Closed-End Management Investment Offices United Kingdom
Company Description
Objective of New India Investment Trust Plc
The objective of New India Investment Trust PLC is to achieve long-term capital appreciation by investing in companies which are incorporated in India or which derive significant revenue or profit from India, with dividend yield from the company being of secondary importance. This emphasis on long-term capital appreciation will be demonstrated by benchmarking the Company’s net asset performance against the Morgan Stanley Capital International India Index (in Sterling terms).
About Aberdeen Asset Management
Aberdeen Asset Management PLC is an international investment management group, managing assets for both retail and institutional clients from offices around the world. Listed on the London Stock Exchange since 1991, the group had over £184.4 billion under management as at 29 February 2012. Our headquarters are in Aberdeen, but we place our people near the companies and markets in which they invest. Today we have staff based in 23 countries.
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New India Investment Trust PLC – Investing in leading global companies within India
Important information Risk factors you should consider prior to investing: In common with most investment companies, investment trusts may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that a relatively small movement, down or up, in the value of a trust’s assets will result in a magnified movement, in the same direction, of that NAV. Movements in exchange rates can impact on both the level of income received and the capital value of your investment. If the currency of your country of residence strengthens against the currency in which the underlying investments of the Trust are made, the value of your investment will reduce and vice versa. The Trust invests in emerging markets which tend to be more volatile than mature markets and the value of your investment could move sharply up or down. In some circumstances the underlying investments may become illiquid which may constrain the Investment Manager’s ability to realise some or all of the portfolio. The registration and settlement arrangements in emerging markets may be less developed than in more mature markets so the operational risks of investing are higher. Political risks and adverse economic circumstances are more likely to arise putting the value of your investment at risk. The Trust invests in small companies, and / or companies investing in technology or venture and development capital stocks where the potential volatility may increase the risk to the value of your investment. Above average price movements may be expected. Exposure to a single country market increases potential volatility. The value of shares and the income from them can go down as well as up and you may get back less than the amount invested. Past performance is not a guide to the future. There is no guarantee that the market price of shares in the Trust will fully reflect their underlying Net Asset Value. As with all stock exchange investments the value of investment trust shares purchased will immediately fall by the difference between the buying and selling prices, the bid-offer spread. Other important information: Issued by Aberdeen Asset Managers Limited which is authorised and regulated by the Financial Services Authority in the United Kingdom. Registered Office: 10 Queen’s Terrace, Aberdeen AB10 1YG. Registered in Scotland No. 108419. An investment trust should be considered only as part of a balanced portfolio. Under no circumstances should this information be considered as an offer or solicitation to deal in investments.
Executives
- William Salomon, Chairman and Independent Non-Executive Director
- William was appointed as a Director and Chairman of New India Investment Trust on 9 December 2004. He gained law degrees at Cambridge and was subsequently called to the Bar. He has more than 20 years’ experience in the investment management and investment trust industry. He is currently senior partner of Hansa Capital Partners LLP, which he established in 2000 and which manages Hansa Trust plc (of which he is a director), and deputy chairman of Ocean Wilsons Holdings Limited and a director of Wilson Sons Limited, a subsidiary of Ocean Wilsons Holdings Limited. After working at Rea Brothers Limited from 1982 to 1985, he reverted to a legal career in 1986 and 1987, before joining Finsbury Asset Management Limited in 1987. He was appointed deputy chairman of Rea Brothers Group plc in 1996 and then chairman in 1999. In 1999, Rea Brothers was taken over by Close Brothers Group PLC, following which William was appointed as vice-chairman of Close Asset Management Holdings Limited, a position he held until July 2002.
- Sarah Bates, Independent Non-Executive Director
- Sarah was appointed a Director of New India Investment Trust on 9 December 2004. She is also Chairman of the Audit and Management Engagement Committee of New India Investment Trust. Sarah has over 20 years’ experience in the investment management and investment trust industries. From 1985 until 2003 she was employed by Invesco Asset Management as an investment manager and latterly as chief executive officer of Invesco Institutional UK, a former director of Invesco India Fund (an offshore Indian mutual fund) and chairman of the Audit Committees both of Royal London Growth and Income Trust and Private Investors Capital Trust. She is currently Adviser to the Royal College of Surgeons and the East Riding and Merseyside Pension Funds, a member of the investment committees of Newnham College, Cambridge, the Cancer Research UK Pension Fund and the Daily Mail and General Trust pension funds, a director of the Association of Investment Companies, chairman of Rutley Russia Property Fund and of the Trustees of the Stena Line (UK) Pension Scheme and a director of MTI Partners Limited. Sarah also holds directorships with Witan Pacific Investment Trust PLC, Invesco English and International Trust plc, St James's Place plc and JPMorgan American Investment Trust plc.
- Professor Victor Bulmer- Thomas CMG OBE, Independent Non-Executive Director
- Professor Victor Bulmer-Thomas CMG OBE joined the Board of New India on 5 February 2004. He is also a Director of JPMorgan Brazil Investment Trust PLC. He is the former Director of the Royal Institute of International Affairs (Chatham House) and a former non-executive director of Gartmore Latin America New Growth Fund SA and Schroder Emerging Countries Fund PLC. He is Emeritus Professor of Economics at London University and an adviser to governments and multinational companies on macroeconomic policy and corporate strategy.
- Hasan Askari, Independent Non-Executive Director
- Mr Askari has been an investment banker since 1975, initially with SG Warburg & Co. Ltd. (now UBS Ltd.) and subsequently, with JP Morgan Chase Investment Bank in Hong Kong and Barclays Capital in Tokyo and London. He was most recently at Old Mutual plc., London as a member of the Executive Committee responsible for the United Kingdom and Europe and later, for Asia-Pacific. He is an adviser to the Kotak Mahindra Group, one of India's leading banking groups and on the Board of Sun Life of Canada (UK) Limited. He has an M.A. (Oxon). He is Chairman of Aqua Resources Fund Limited, a closed investment fund listed on the London Stock Exchange