Fund manager retiring

Anderson to leave Baillie Gifford and Scottish Mortgage

James Anderson

James Anderson: four decades with the firm

James Anderson, one of the UK’s longest-serving fund managers, is leaving Baillie Gifford and stepping down as joint manager of its Scottish Mortgage Investment Trust.

Mr Anderson, who has been with the Edinburgh company for nearly four decades, will retire on 30 April next year. 

He has helped drive the trust as a top performer in the FTSE 100 and latterly raised his profile as one of the biggest investors in Elon Musk’s Tesla car manufacturer, making huge returns for shareholders, and as a benefactor of Scottish football.

Andrew Telfer, joint senior partner of Baillie Gifford, said: James has been central to the strategic leadership and growth of Baillie Gifford.

“He has encouraged us to be ambitious as a firm and has instilled a long term, global and index-agnostic approach to our investing.

“And, most importantly, James has achieved remarkable investment returns for our clients. We are giving our clients a year’s notice that he is leaving the firm.

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“Our transition process is tried and tested over generations, and we have developed talented successors in each of James’s teams in recent years.”  

Mr Anderson joined Baillie Gifford in 1983 and became a partner four years later.

He led Baillie Gifford’s European Equity Team and after this co-founded the Long Term Global Growth Strategy in 2003. He also chaired the International Growth Portfolio Construction Group from its inception in 2003, until two years ago. He has been manager of Scottish Mortgage since 2000 and, since 2015, joint manager with Tom Slater.

Mr Slater will continue as manager of Scottish Mortgage and as the next step in the long-term transition plan, Lawrence Burns will become deputy manager of the trust with immediate effect (19 March 2021).

“I have huge admiration for Tom and Lawrence,” said Mr Anderson. “They are both thoughtful, dedicated and ambitious investors with a willingness to learn and an outstanding ability to partner with great companies. I couldn’t be happier than to have them as my successors.”

Commenting on Mr Anderson’s contribution to the trust, Fiona McBain, chairman of Scottish Mortgage, added: “His approach of identifying and holding transformational growth companies has helped drive economic progress and delivered exceptional returns for shareholders.

“James has also pioneered our investments in private companies, one of the trust’s most important strategic initiatives to date.

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