New portfolio manager for Securities Trust of Scotland

Securities Trust of Scotland (STS), the investment fund managed by Martin Currie, has appointed a new portfolio manager after unveiling a double-digit hike in its dividend.

Mark Whitehead, new Securities Trust of Scotland portfolio manager. Picture: Contributed

Mark Whitehead, who joined Edinburgh-based Martin Currie last year as its head of income, has more than 17 years’ investment management experience and was previously head of the income team at Sarasin & Partners.

Neil Donaldson, chairman of STS, said: “Martin Currie has made a major commitment to further enhance its equity income capabilities and Mark Whitehead was employed to lead this expanded team. Mark is a proven and talented investor.”

Under his wider remit, Whitehead leads a newly formed team of seven who already manage assets in excess of £850 million.

The STS board has declared a fourth dividend of 1.45p, bringing the total annual dividend to 5.8p, an increase of 18 per cent on the previous year. It marks a yield of 4.3 per cent.