THE chairman of energy services business Wood Group has joined the board of a venture capital trust (VCT).
Allister Langlands, who was chief executive of Wood Group from 2007 to 2012, will serve as a non-executive director of Maven Income and Growth VCT 5.
The trust also announced that Charles Young, chief executive of Edinburgh-based investment company E G Thomson (Holdings), will join the board as a non-executive director.
Both will serve on the trust’s audit, management engagement, nomination and remuneration committees.
Announcing the appointments yesterday, chairman Gordon Brough said there was a “strong pipeline of prospective new transactions in progress”.
He added: “The board looks forward with cautious optimism and believes that the manager is well positioned to continue the positive developments made to date in implementing its investment mandate and produce further improvement in shareholder returns.”
Maven was awarded the contract to manage the trust, which used to be known as the Bluehone Aim VCT 2, in 2011.
The company aims to achieve long-term capital appreciation and income by investing in smaller, unquoted and Aim-listed companies.
Maven was established in 2009 to acquire the private equity business of Aberdeen Asset Management.
The business now operates from a nationwide network of six regional offices, and manages in excess of 20 client funds, including seven VCTs, the £113 million Scottish Loan Fund on behalf of the Scottish Investment Bank and the £35m Capital for Enterprise Fund established by the UK government.
Shares in the trust closed unchanged at 24.5p.