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Murray International Trust PLC

Murray International Trust PLC

Sector: Unit Investment Trusts, Face-Amount Certificate Offices, and Closed-End Management Investment Offices Region: United Kingdom


: | London Stock Exchange: MYI | OTC Markets: MURYF


Objective of Murray International Trust: The objective of Murray International Trust PLC is to achieve a total return greater than its benchmark by investing predominately in equities worldwide. Within this objective the manager will seek to increase the company's revenues in order to maintain an above average dividend yield.

History of Murray International Trust: Murray International Trust PLC started its life in 1907 as The Scottish Western Investment Company Limited. The Scottish Western of the early days was very highly geared but it was mainly invested in bonds, though the international spread was just as great with countries such as Argentina, China, Japan, Canada and many others appearing in the portfolio. Although the range of currencies was much smaller, multi currency or even gold-backed bonds were all the rage, as many of the era’s bond certificates show. The big move into equities came after the 1930s slump, when bond defaults forced the purchase of higher yielding equities to fund the costs of the trust’s gearing. The Managers were not slow to spot an opportunity, but it started as Hobson’s choice, and was only later trumpeted as brilliant foresight. In 1929 just under 20% of the assets were in equities, in 1940 38%, in 1948 51% of the assets, which were still only £2.65 million. After deducting the preference shares and debentures, the Company was effectively over 100% geared into equities by the start of the great post war boom. After a number of amalgamations, the Company emerged as a generalist investment trust. However, there was an excess of trusts with a similar broad remit, so towards the end of the 1970s the Board defined the investment brief more narrowly as growth in income and capital through a well diversified portfolio. Symbolised by the name change from Murray Western to Murray International Trust in 1984, the focus has since been on a relatively high yielding portfolio of equities in a well diversified mix of overseas markets supported by a substantial UK component. Today, it is managed primarily by Bruce Stout as lead manager, drawing on the Aberdeen approved universe of equities and fixed income securities from around the world.

About Aberdeen Asset Management Plc: Aberdeen Asset Management Plc is a global investment management group that manages assets for both institutional and retail clients from offices around the world. The company operates independently and only manages assets for third parties, allowing it to focus solely on their needs without conflicts of interest. Its clients access investment expertise across the three asset classes including equities, fixed income and property. The company was founded on July 1, 1983 and is headquartered in Aberdeen, UK.

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Investing in equities worldwide - August 2014

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Investing in equities worldwide - August 2014

Executives

Dr Kevin Carter, Chairman and Independent Non-Executive Director
Dr Carter was, previously Managing Director and Head of EMEA Pension Advisory Group at JP Morgan Securities. Prior to that Dr Carter was Head of the European Investment Consulting Practice at Watson Wyatt and formerly CEO of Old Mutual Asset Managers in both the UK and the US. He is also a director of Lowland Investment Company plc.
Lady Balfour of Burleigh, Independent Non-Executive Director
She taught politics and modern history at Oxford University, before moving to the Central Policy Review Staff in the Cabinet Office. She has worked for governments in many countries and for a number of public companies. She is chairman of the Nuclear Liabilities Fund and the Nuclear Liabilities Financing Assurance Board. Her other current directorships are The Scottish Oriental Smaller Companies Trust plc and Albion Enterprise VCT PLC.
James Best, Independent Non-Executive Director
He is a Partner of Arkios Limited in London and was, until recently, Chairman of Kalahari Energy, a Botswana company active in alternative fuel. He has worked in New York, London and Singapore as a banker, most notably with UBS, HSBC and earlier with Credit Suisse.
Marcia Campbell, Independent Non-Executive Director
Ms Campbell was appointed on 27 April 2012 and was until recently operations director at Ignis Asset Management and brings a wealth of international commercial and financial experience to the Board, having previously been group operations director and CEO Asia Pacific at Standard Life. Ms Campbell is also a director of CNP Assurances, France’s largest life assurance company, listed on the Paris Stock Exchange, and a director of Scottish Business in the Community.
Peter Dunscombe, Independent Non-Executive Director
Mr Dunscombe was until very recently Head of Pension Investments at the BBC Pension Trust and is a member of the investment committees of The Pensions Trust, Reed Elsevier Pension Fund and St James’s Place plc. Mr Dunscombe was formerly joint managing director at Imperial Investments Limited.
David Hardie, Independent Non-Executive Director
David is a corporate lawyer by background and was until recently a partner of UK law firm, Dundas & Wilson (now part of CMS), where he was a partner for over 30 years and where he previously held various positions including head of corporate, managing partner and chairman. David is also head of venture philanthropy at Inspiring Scotland.

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