Jeremy Tigue has stepped down from the board of the Association of Investment Companies (AIC) after nine years, and will be replaced by William Hemmings, Aberdeen Asset Management head of closed-end funds.
Tigue (pictured), manager of the £2 billion Foreign and Colonial Investment Trust and F&C head of global equities, has been one of the 12 AIC board members for the past nine years.
An AIC spokeswoman said that the nine-year term meant that members could not be re-elected.
The board meets five times a year.
'I am very pleased to join the AIC Board, at a time of significant change for closed-end funds,' Hemmings said. 'There are undoubtedly considerable opportunities ahead as we broaden the shareholder base of the sector but, at the same time, investment companies face considerable regulatory challenges.'