AIC announces Elisabeth Scott as new Chair

Sapna Shah and Mickey Morrissey appointed to AIC board.


The Association of Investment Companies (AIC) is pleased to announce that Elisabeth Scott has been voted Chair of the AIC.

The membership of the AIC has elected Sapna Shah and Mickey Morrissey to the AIC board. Former Chair Rachel Beagles and Elisabeth Scott have been re-elected. All appointments took effect following the AIC’s annual general meeting on 14 January 2021.

Chris Fletcher and Chris Hills have retired from the AIC board after nine and six years of service respectively.

Elisabeth Scott, Chair of the Association of Investment Companies (AIC), said: “It is an honour to have been elected Chair of the AIC, having been involved with investment companies as a fund manager, investor and non-executive director for thirty-five years. The industry has shown tremendous resilience in the face of the COVID pandemic, highlighting many of the unique benefits of investment companies. I look forward to helping the industry continue its long history of serving investors and to representing investment companies, alongside the AIC executive, in the public sphere.

“Sapna Shah and Mickey Morrissey bring a depth of experience in corporate broking and the advisory market to the board. This will be of great value to the AIC’s membership and I extend a warm welcome to them both.

“As Chris Fletcher and Chris Hills retire from the AIC board, I would like to thank them for the significant contribution they have made to the AIC and the industry.

I would particularly like to pay tribute to the former Chair, Rachel Beagles, and to extend my appreciation for her outstanding contribution and dedication to the AIC and the industry.”

Sapna Shah, Non-Executive Director of the Association of Investment Companies (AIC), said: “It is a privilege to join the board of the AIC. Investment companies have always found ways to evolve and stay relevant for investors and I believe this flexibility is the industry’s greatest opportunity. I am looking forward to helping the industry continue its work and promote itself to a wider audience.”

Mickey Morrissey, Non-Executive Director of the Association of Investment Companies (AIC), said: “Post RDR, investment companies have seen significant growth in demand from the IFA market but there is plenty of scope for this to grow further. I am excited about bringing my experience in the advisory and platform space to help extend the growing demand for investment companies.”

Sapna Shah is co-head of investment companies at Panmure Gordon and responsible for providing fundraising, corporate finance and corporate broking advice to investment company boards and fund managers. She previously held senior roles at Cenkos Securites and Stifel after beginning her career with UBS. Sapna is a member of various industry groups and was formerly Chair of a community youth charity.

Mickey Morrissey is a Partner at Smith and Williamson Investment Management and has over 30 years’ experience in the UK advisory market. He was previously a director of Mercury Fund Managers, Mercury Investment Services and Liontrust Investment Services. Mickey is also Non-Executive Director and Treasurer of veterans’ mental health charity, Combat Stress, as well as a director of the Forces Pension Society Investment Company.


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Notes to editors

  1. The Association of Investment Companies (AIC) was founded in 1932 to represent the interests of the investment trust industry – the oldest form of collective investment.  Today, the AIC represents a broad range of closed-ended investment companies, incorporating investment trusts and other closed-ended investment companies and VCTs. The AIC’s members believe that the industry is best served if it is united and speaks with one voice. The AIC’s mission statement is to help members add value for shareholders over the longer term. The AIC has 359 members and the industry has total assets of approximately £229 billion.

  2. Disclaimer: The information contained in this press release does not constitute investment advice or personal recommendation and it is not an invitation or inducement to engage in investment activity. You should seek independent financial and, if appropriate, legal advice as to the suitability of any investment decision. Past performance is not a guide to future performance.  The value of investment company shares, and the income from them, can fall as well as rise.  You may not get back the full amount invested and, in some cases, nothing at all.

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