Jeremy Tigue is to step down from the £2.4bn Foreign & Colonial trust as he prepares to retire at the end of the year.
Paul Niven takes over at the helm on 1 July 2014 as Tigue (pictured) prepares to retire from the group after 33 years, including 17 years managing the trust.
Niven is head of multi-asset investment and chairs the group's asset allocation committee. He has worked closely with Tigue for almost a decade, and has experience running large portfolios, the group said.
F&C said a £1,000 investment made in the trust at the time of Tigue's appointment would now be worth £3,215 with dividends reinvested, while he has grown the trust's dividend every year of his tenure.
"We are confident Paul Niven, supported by the wider investment resource available to F&C, will build on Jeremy's achievements and continue to deliver long-term outperformance for you as shareholders," said chairman Simon Fraser.
Tigue said: "It has been a privilege to be responsible for continuing Foreign & Colonial investment trust’s record of growth over the last 17 years and I would like to thank the board, my colleagues, our advisers, and all the shareholders for their support and encouragement over that time.
"As the portfolio becomes more global, private equity generates cash and the debenture approaches maturity, Foreign & Colonial trust is in a strong position.
"I am delighted the board has appointed Paul Niven to succeed me. Paul is an expert investor with huge experience of managing large funds. He will do an excellent job for shareholders.”
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till