Big-hitter Fraser is recruited by wealth managers

MCINROY & Wood, the East Lothian-based wealth managers, has attracted industry heavyweight Simon Fraser as a non-executive director.

Mr Fraser is chairman of the Investor Forum, Foreign & Colonial Investment Trust and Merchants Trust, and is a director of Ashmore Group and the Fidelity European Values trust.

He is the former chief investment officer at Fidelity International, where he eventually became president of its international, European and UK business.

Tim Wood, chief executive of McInroy & Wood, said: “The board is particularly pleased to be joined by a non-executive director possessing such distinguished credentials and long experience within the investment management sector.”

The Haddington-based firm, co-founded 31 years ago by Victor Wood, has now topped £1.3 billion of client funds, almost four times its level in 2009.

Its Balanced Fund, still run by Mr Wood, 71, has returned 52.8 per cent over five years against 36.7 per cent for its benchmark, and 29.1 per cent over three years against 18 per cent, according to Trustnet.

For one-year performance it is ranked second out of 123 funds in its sector, according to Lipper figures for Investment Life & Pensions Moneyfacts, and second out of 56 funds over 10 years.

Both the emerging markets and income funds are in the top half of their league on three-year performance.