Baillie Gifford has appointed Sir Nicholas Macpherson as a non-executive director on the board of the Scottish American Investment Company, one of the UK’s oldest investment trusts.
Until April this year Macpherson was permanent secretary to the Treasury, having been appointed to the role in 2005 and steering the department through the global financial crisis.
He was also a recipient of a cross bench life peerage in David Cameron’s contentious resignation honours, which many criticised for cronyism for its inclusion of personal aides and political allies.
Macpherson is currently chairman of C Hoare & Co and is a visiting professor at King’s College London.
In the 1990s, Macpherson was principal private secretary to Ken Clarke and Gordon Brown.
Chairman of The Scottish American Investment CompanyPeter Moon says: “My fellow Directors and I are extremely pleased that Sir Nicholas has agreed to join the Board of SAINTS. We believe that his considerable experience and knowledge will augment that of the current Directors and enhance the Board.”
The £389m investment trust, which invests primarily in equities, currently yields investors 4 per cent.
Existing board members include former US ambassador Lord Kerr of Kinlochard, Bronwyn Curtis and Eric Hagman.