With three out of the four Murray VCTs currently performing well below par, the decision to part company with Murray Johnstone (a division of Aberdeen Asset Management) is not entirely surprising. That said, it will come as a major blow to Bill Nixon, who only recently assumed control of Aberdeen’s private equity activities and is a highly-regarded figure within the industry.

Commenting on the appointment of Close, Anthony Whitworth (chairman of Murray VCT 4), explained ‘I am delighted that we have been able to secure the appointment. Close has an excellent reputation and its record as a manager of venture capital trusts speaks for itself.’

Reeve, Close’s managing director added, ‘we look forward to working with the board to improve shareholder value.’ The changeover will actually occur in six months, unless an early termination agreement can be reached between the two parties.