(Alliance News) - Templeton Emerging Markets Investment Trust PLC on Friday appointed Angus Macpherson to its board as non-executive director, with the intention to hire him as chair from January 1, after he announced he would step down from the board of Pacific Horizon Investment Trust PLC.
The moves comes as the Edinburgh-based emerging markets investor's chair, Paul Manduca, is set to retire after eight years at the firm.
"I am delighted that Angus has agreed to join the board in October and succeed me as chairman on 1 January 2024. He is a first-class choice to be the next chairman, and I wish both him and the company the very best for the future," he said.
MacPherson on Friday said he would step down from the board of Pacific Horizon, as well as from his role as chair. He said he will leave once a suitable replacement has been found, which is expected to be around the end of the first quarter next year.
He is currently also chief executive officer of Noble and Company (UK) Ltd, non-executive director at Hampden & Co and chair of Henderson Diversified Income PLC.
Macpherson commented: "I am excited to be joining the board of Templeton Emerging Markets Investment Trust and look forward to working with the other members of the board and the manager. I have a particular affection for the company, which was a trailblazer in investing in higher growth economies when I first started working in Asia. Paul Manduca has made an outstanding contribution during his tenure as chairman which, with the help of the board, I hope to build on."
Shares in Templeton were up 0.5% at 144.66 pence each in London on Friday morning, while shares in Pacific Horizon fell 0.2% at 540.19 pence each.
By Sabrina Penty, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Templeton Emerging Markets (TEM)
Pacific Horizon (PHI)