UK-based Smith & Williamson Investment Management has promoted Robert Royle to director and named him co-manager of its North American unit trust.

Royle has been working alongside Lady Tana Focke, the current manager, since he joined Smith & Williamson in December 2008. The investment manager said that Lady Tana has no plans to retire in the foreseeable future but that Royle’s promotion formalises the succession plan for the trust when she does.

“We are keen to have a clear succession plan in place for the fund management of our North American Trust, and indeed have been asked about this by advisors when conducting their due diligence,” said Nick Hodgson, director of marketing and sales at Smith & Williamson Investment Management.

“Tana has no plans to announce her retirement in the near term but as Rob has become increasingly more involved in the idea generation for the trust, we thought it appropriate at this time to announce the formal co-management structure,” Hodgson said.

Lady Tana has been managing the £82 million (around $127.5 million) Smith & Williamson North American Trust since 1997.