Tributes have been paid to former Personal Assets (PNL ) director and investment trust analyst Robin Angus, known for his ‘erudite’ wit and ‘original ideas’, after he passed away earlier this month. 

Peter Spiller, long-time manager of Capital Gearing (CGT ) investment trust, said he knew Angus, who died this month aged 69, over ‘several decades’ and it was always a pleasure to see him around the City. 

‘The first thing about Robin was that it always brought a smile to your face if he was at an event because you knew you would hear some really original ideas,’ he said.

Spiller also noted Angus’ well-known writing style which ‘was just as pertinent and pithy’ as he was, and won the analyst a legion of fans.

One such fan was Citywire Forum member ‘Duckworth’ who said: ‘His erudite quarterly missives were required reading – always informative and entertaining in equal measure.’

It was not just Personal Assets – which like Capital Gearing aims to beat inflation while keeping investors’ money safe – where Angus made his mark, having been vocal about the need for the investment trust industry to change.

‘The other thing, was Robin was so insightful,’ said Spiller.

‘He believed that all discounts on investment trusts were voluntary and have been for 20 years since the rules changed [to allow trusts to buy back shares] and are maintained by boards, but some still do not appreciate that.

‘It is very sad that he has died but the ideas that he created will live on and will be played out over coming years.’

Angus’ death comes a little under two years since his retirement from the board of Personal Assets. He had been a decades-long champion of the defensive trust, having joined as a non-executive director in 1984 before becoming director in 2002 when, along with Ian Rushbrook, he was instrumental in establishing the trust’s vision to ‘protect and increase (in that order) the value of shareholders’ funds over the long term’. He was also a key driver in helping the trust to grow from £4.7m to £1.3bn in size during his tenure.

Angus was a well-known face in the investment trust industry, not just for his generous beard which he wore alongside a dapper three-piece suit (in the pocket of which he carried around gold coins), but for his expansive knowledge of the workings of trusts and their history.

After training as a fund manager at Edinburgh’s Baillie Gifford in the late 1970s, he moved to stockbroker Wood Mackenzie, where he was ranked as the number one UK investment trust analyst in the Extel survey of institutional fund managers for 13 consecutive years.

Annabel Brodie-Smith, communications director at the Association of Investment Companies, said Angus was ‘an exceptional analyst’ who ‘set the standard’ for investment trust research alongside fellow analyst Hamish Buchan.

‘It was Robin and Hamish who, alongside their much awaited and enjoyed annual review of investment trusts, introduced an end of year review of the sector, something which all analysts now produce,’ she said.

‘Robin was an exceptionally talented writer – his witty versions of investment trust Christmas carols were a festive highlight. He was a highly talented and erudite speaker

‘Robin was a kind, lovely, and amusing man who will be much missed. The world will undoubtedly be a much duller place without him.’

As well as sitting as honorary professor at Heriot-Watt University’s Centre for Finance and Investment (CFI), Angus gave guest lectures on trusts and financial ethics, and also found time to write a book called Haec Olim: Exploring the World of Investment Trusts. The first part of the title is from the Latin phrase ‘Forsan et haec olim meminisse iuvabit’ – roughly translated as ‘we’ll look back at this and laugh’ – a nod to Angus’ classical knowledge.

Eddie Jones, CFI director, said: ‘Robin’s talks to our students were immensely popular as well as erudite and humourous.

‘He was a highly principled man who always argued strongly in favour of investment ethics and provided important guidance on the issue… His spirited contributions will be much missed by us.’

Iain Ferguson, chairman of Personal Assets, said the board’s thoughts were with Angus’ wife Lorna and his family.

‘We are all deeply saddened by the news of Robin’s death. His ability to articulate the company’s investment approach and communicate with shareholders more generally through his quarterlies was second to none,’ he said.

‘As a board we would like to take the opportunity to reiterate our sincere thanks for his exemplary service and diligent stewardship of the company over the years.’

Ferguson said he would be ‘sorely missed not only as a colleague…but also as a close friend to many associated with the company and the wider investment community’.

Citywire Forum member and Personal Assets investor ‘Vind’ was positive about his interactions with Angus, stating: ‘He was always responsive when contacted and was very generous with sharing reasoning behind investment decisions.’

Angus’ funeral took place on Thursday 26 May.