Murray International trust manager Bruce Stout to retire in 2024

investmentweek.co.uk:

Bruce Stout (pictured) has been at abrdn since 1987 and has worked as lead investment manager for Murray International since 2004.

Stout has led the trust since 2004 alongside Martin Connaghan and Samantha Fitzpatrick, having joined the firm in 1987.

The trio have worked together since 2001, when Connaghan and Fitzpatrick joined what was then Aberdeen Asset Management from Murray Johnstone.

'Not the same panic or fear': Murray International's Fitzpatrick hails EM inflation winners

The two remaining managers will take on co-managerial responsibilities for the trust alongside Stout with immediate effect for the remainder of his tenure, to ensure a smooth handover ahead of his retirement next year.

Chair David Hardie said: «It is premature of me to thank Bruce for all his efforts on behalf of the company and I am sure that many of you will have the opportunity to do so personally in the run-up to his departure in just under a year's time.»

Darius McDermott, managing director at FundCalibre, said Stout had delivered «excellent returns» for the portfolio's clients, adding that even though his «style has meant that returns have been very strong in some years and weaker in others, there is no doubting his process of focusing on defensive businesses which are able to retain both earnings and dividends, without paying over the odds, has been incredibly successful over the long-term».

McDermott said he looked forward to speaking to the new lead managers about the trust's future, adding he «wished Bruce a happy retirement after a great career in the asset management industry».

In its H1 results, the trust posted a 2.2% increase in net asset value total return. Over the period, share price total return dropped 2.5%, and as of the