It has been almost six months since Troy Asset Management formally took over the stock picking at Securities Trust of Scotland (Greig Cameron writes).
That change in November marked the end of a busy few months for the board of the trust.
In June Mark Whitehead, the then manager, announced he and his team were leaving Martin Currie, the Edinburgh funds house owned by the US giant Legg Mason, to join the South African wealth manager Sanlam. That was seen as a blow, with Whitehead having helped to revive performance in the prior two years.
In September the STS board announced they were ditching Martin Currie and replacing it with James Harries and Tomasz Boniek from Troy.
The shares lifted 5 per cent on the