McInroy & Wood

Co-founder Tim Wood remains central to portfolio construction and chairs the investment committee. A small group of portfolio managers — historically fewer than ten — operates collectively without a star-manager culture. The firm's partnership structure means no external shareholder or parent company can override investment decisions.

The flagship Global Equity Fund typically holds between 25 and 45 names. The firm views this as an optimal range for conviction-weighted compounding, rejecting the over-diversification it sees as dilution of both insight and return potential. Cash positions can be significant when valuations are judged unattractive.

No. The firm has deliberately avoided private equity, hedge funds, structured products, and direct property. It invests almost exclusively in publicly traded equities and, to a lesser extent, government and investment-grade bonds within its Income Fund. This simplicity is a deliberate architectural choice.

The firm has never published a consolidated AUM figure, a policy consistent with its broader rejection of industry marketing norms. As a private partnership with no external shareholders and no need to attract institutional capital, it faces no regulatory or commercial pressure to do so. Public fund filings provide a partial view, but the firm itself treats client assets as a private matter.

Not formally — it is an FCA-regulated investment manager serving multiple external client families. Operationally it resembles a multi-family office more than a conventional retail asset manager, with a deliberately limited client count, no distribution team, and a single-office structure in East Lothian far from London's financial center.

Succession has been gradual and internal. The late Victor McInroy's children have taken roles within the firm, and the next generation of portfolio managers — including Alex Montgomery and Mariko McInroy — have been integrated into both client-facing and investment committee responsibilities over a period of years. The partnership model means ownership transfers internally rather than through a sale to an external consolidator.

The firm explicitly rejects the distribution-channel model. It does not pay platform fees for shelf space, does not offer model portfolios to external advisers, and limits client acceptance to a level its small investment team can personally serve. Client growth, when it occurs, is almost entirely by introduction from existing clients or professional advisers who have observed the firm's results over years.