Bruce Stout is to retire from Abrdn in June next year, ending what will have been a 20-year stint as lead manager of flagship trust Murray International (MYI ).

The 64-year-old ‘bear’, who has consistently warned about the pitfalls of excessive leverage and debt over his career, will hand over the reins to the current co-managers Martin Connaghan and Samantha Fitzpatrick. The pair have worked with Stout since 2001 after joining the then Aberdeen Asset Management following its acquisition of Murray Johnstone.

Interim results published this morning showed the £1.5bn global equity income trust delivered a net asset value total return of 2.2% over the six months to the end of June, while shareholder returns fell 2.5%. The FTSE All World benchmark index gained 7.9%.

Over many years Stout tilted the portfolio to Asia, preferring the region’s economies to what he viewed as the financial excesses of the West. Over 10 years that has left Murray International with a 71.4% shareholder return that is low in comparison with rivals but with a higher dividend yield of 4.5%.

‘Whilst Bruce Stout’s retirement next year is not unexpected, we will certainly miss his insight on the world, particularly his warnings on the pitfalls of excessive leverage, whether by corporates or governments.

He was one of the few investment managers that foresaw a lot of the problems ahead of the 2008 global financial crisis. He also suspected that the pandemic business shutdowns three years ago, and central bank “money-printing” would have inflationary consequences, which is exactly where we have ended up today,’ said Stifel analyst Iain Scouller.