Ross Watson, manager of the Securities Trust of Scotland, said the fund is looking at different ways of generating income for investors.

The Martin Currie manager said in the fund’s interim results for the three-month period between 1 April and 30 June that it would be looking at ways of diversifying the income generating stocks.

He said, ‘The big issue now is income concentration. We are working on how to generate sufficient income with limits on the concentration, not of assets, but of income from individual stocks.’

Watson said although the trust’s net asset value had fallen by more than 10 per cent during the period, it had fared relatively well given its exposure to BP.

The manager said the disaster had almost halved the oil company’s share price. The embattled oil giant had represented 10 per cent of the investment trust’s portfolio.
 
Other news:

  • Matrix Income & Growth 4 Venture Capital Trust (VCT) appointed British Empire Securities & General Trust director Andrew Robson as an independent non-executive director.
  • The JPMorgan Fleming Japanese Smaller Companies Investment Trust has changed its name to the JPMorgan Japan Smaller Companies Trust.
  • Jupiter Fund of Investment Trusts manager Laurie Petar died after a protracted battle with cancer. For more read here: http://bit.ly/cUocZS
  • Rathbone Brothers chairman Mark Powell joined private equity investment trust HgCapital as a non-executive director.
  • Temple Bar Investment Trust chairman John Reeve said the suspension of dividends by BP would cause a revenue deficit for the fund.
  • Witan Investment Trust has dumped Wellington Asset Management and reallocated its £120 million mandate. For more read here: http://bit.ly/d9Xw9T
  • The Association of Investment Companies (AIC) has appointed Sarah Bates as chairman elect, taking over from Carol Ferguson from 24 January 2011.