Executive Directors

Steven Budge

Steven has been employed by PAT since 2001 and was formerly an employee of F&C for ten years, where latterly he was the UK and European equity dealer. Steven heads up the Administration department and also has special responsibility for the discount and premium control mechanisms maintained by PAT, Troy Income & Growth Trust, Capital Gearing Trust and Seneca Global Income & Growth Trust.

Steven Davidson ACIS, Managing Director

Steven spent nearly twenty years at F&C Asset Management (“F&C”), of which the last ten were spent in their Investment Trust Company Secretarial team. He has been Company Secretary of PAT since 2006 and in 2009 accepted the PAT Board’s invitation to transfer from F&C to PATAC as a Director. He is the Company Secretary responsible for PAT, Strategic Equity Capital and ScotGems.


Company Secretarial

Carron Dobson

Carron joined the team in February 2019 from Dickson Minto where she had spent over ten years as part of the investment funds and financial services team, with a particular focus on advising investment trusts in relation to ongoing corporate governance and regulatory compliance matters.

Rona Grant CA

Rona joined the team in May 2018 from Aberdeen Standard Investments, where she spent eight years working in the product governance team. Rona has over twenty years’ experience working for asset management businesses in company secretarial, accounting and governance roles.  She is the Company Secretary responsible for Seneca Global Income and Growth Trust and Troy Income and Growth Trust.

Andrew MacDonald CA 

Andrew joined the team in 2017, from audit firm Johnston Carmichael, where he had spent 18 months auditing and assisting in the accounts preparation for a wide range of Scottish companies. Prior to this he had spent 5 years working for EY, within the wealth and asset management assurance team, where he specialised in the statutory audit of investment trusts.

Hannah Williamson CA

Hannah joined PATAC in 2015 from EY where she had spent five years working in the EY Edinburgh office within the wealth and asset management assurance team. During this time, she worked in EY’s dedicated investment trust team, working on statutory audits of investment trusts and reporting accountant engagements for fund raising transactions of investment companies.  She is the Company Secretary responsible for Capital Gearing Trust and The Scottish Oriental Smaller Companies Trust.



Lynn Edgar

Lynn has many years’ experience in the administration sector, having spent seventeen years at F&C, and then subsequently State Street and Aegon. She joined PATAC in June 2017.

Ronda Steel

Ronda joined PATAC in May 2016 to provide additional assistance throughout the team. She previously was employed in hospitality management for five years. She has recently passed her IOC exams, with merit, and is looking to progress with further opportunities within the Company.

Steven Ross

Steven joined the team in January 2015 from F&C where he had spent sixteen years in their Edinburgh office, of which the last nine were spent working in the Investment Trust Company Secretarial team.


Other Directors

Robin Angus FCSI, Director

Robin has been a Director of PATAC from its inception. He has served on the Board of PAT since 1984 and has been full-time Executive Director since 2002. He has worked in the investment trust sector since 1977. He is an Honorary Doctor of Letters of Heriot-Watt University, where he is an Honorary Professor in the School of Business and Languages.

Patrick Neville, Chairman

Patrick joined the PATAC Board in 2017, and was appointed Chairman in 2018. Patrick is a chartered accountant and has had an extensive career in financial services, operating in leadership roles across banking, asset management and insurance. Formerly Chief Financial Officer at Aviva Investors, Patrick was also Finance Operations Director for Aviva’s UK Life and General Insurance businesses and spent 16 years with Royal Bank of Scotland, latterly as Finance Director of the Cards and Direct Finance business. Patrick is currently also a non-executive director of Financial Services Compensation Scheme (FSCS).