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  Valu-Trac Administration
Services (VTAS)
   Moray Place Investment Company
   Alligator Fund ICVC
   EPIC Markets (UK) LLP
   -  VT EPIC Asian Centric Global Growth
   -  VT EPIC Diversified Income Fund
   -  VT EPIC Multi Asset Funds
   -  VT EPIC UK Equity Market Fund
   Protean Capital LLP
   -  VT Protean Capital Elder Fund
   -  VT Protean Capital PROCSI CoRE Fund
   The Discovery Fund
   -  Discovery Balanced Fund
   -  Discovery Cautious Fund
   -  Discovery Growth Fund
   Valu-Trac Equity Income Fund A
   VT AI-FUNDS Tactical High Yield Bond
   VT AJ Bell Funds ICVC
   -  VT AJ Bell Adventurous Fund
   -  VT AJ Bell Balanced Fund
   -  VT AJ Bell Cautious Fund
   -  VT AJ Bell Global Growth Fund
   -  VT AJ Bell Income Fund
   -  VT AJ Bell Income & Growth Fund
   -  VT AJ Bell Moderately
Adventurous Fund
   -  VT AJ Bell Moderately
Cautious Fund
   -  VT AJ Bell Responsible Growth Fund
   VT Argonaut Funds
   -  VT Argonaut Absolute Return Fund
   -  VT Argonaut Equity Income Fund
   -  VT Argonaut European Alpha Fund
   VT Asset Intelligence Funds
   -  VT Asset Intelligence Defensive Fund
   -  VT Asset Intelligence Growth Fund
   VT Astute Funds ICVC
   -  VT Astute Balanced Fund
   -  VT Astute Conservative Fund
   -  VT Astute Growth Fund
   VT Avastra Funds
   -  VT Avastra Global Alternatives Fund
   -  VT Avastra Global Equity Fund
   -  VT Avastra Global Fixed Income Fund
   VT Blackfinch Funds ICVC
   -  VT Blackfinch Balanced Portfolio Fund
   -  VT Blackfinch Cautious Portfolio Fund
   -  VT Blackfinch Defensive Portfolio Fund
   -  VT Blackfinch Income Portfolio Fund
   VT Brompton Funds ICVC
   -  VT Brompton Adventurous Fund
   -  VT Brompton Cautious Fund
   VT Cantab Funds ICVC
   -  VT Cantab Balanced
   -  VT Cantab Moderate
   -  VT Cantab Sustainable Global Equity Fund
   VT Cape Wrath Focus Fund
   VT Castlebay UK Equity Fund
   VT Chelsea Managed ICVC
   -  VT Chelsea Managed Agressive
Growth Fund
   -  VT Chelsea Managed Balanced Growth Fund
   -  VT Chelsea Managed Cautious Growth Fund
   -  VT Chelsea Managed Monthly Income Fund
   VT De Lisle America Fund
   VT Dominium Holdings ICVC
   VT Downing Funds
   -  VT Downing European Unconstrained
Income Fund
   -  VT Downing Global Investors Fund
   -  VT Downing Listed Infrastructure
Income Fund
   -  VT Downing Small & Mid-Cap Income Fund
   -  VT Downing Unique Opportunities Fund
   VT Downing Fox Funds
   -  VT Downing Fox 40% Equity
   -  VT Downing Fox 60% Equity
   -  VT Downing Fox 80% Equity
   -  VT Downing Fox 100% Equity
   VT Esprit FS ICVC
   -  VT Esprit Careful Growth Fund
   -  VT Esprit Sustainable Growth Fund
   -  VT Esprit Tactical Alpha Plus Fund
   -  VT Esprit Tactical Balanced Fund
   -  VT Esprit Tactical Growth Fund
   VT Freedom UCITS OEIC
   -  VT Freedom Balanced
   -  VT Freedom Cautious
   -  VT Freedom Defensive
   -  VT Freedom Long Term Balanced
   -  VT Freedom Long Term Growth
   VT Garraway Absolute Equity Fund
   VT Global Total Return Fund
   VT Gravis Funds
   -  VT Gravis Clean Energy Income Fund
   -  VT Gravis Digital Infrastructure
Income Fund
   -  VT Gravis UK Infrastructure Income Fund
   -  VT Gravis UK Listed Property (Feeder) Fund
   -  VT Gravis UK Listed Property (PAIF) Fund
   VT Greystone Funds
   -  VT Greystone Balanced Managed Fund
   -  VT Greystone Cautious Managed Fund
   -  VT Greystone Conservative Managed Fund
   -  VT Greystone Global Growth Fund
   VT Halo Global Asian Consumer Fund
   VT Highlight British Companies Fund
   VT Holland Advisors Equity Fund
   VT Johnston Financial Funds ICVC
   -  VT Johnston Cautious Portfolio
   -  VT Johnston Growth Portfolio
   VT KMGIM Growth
   VT Lyndon Fund
   VT Momentum Investment Funds
   -  VT Momentum Diversified Cautious
   -  VT Momentum Diversified Balanced
   -  VT Momentum Diversified Moderate
   -  VT Momentum Diversified Growth Fund
   -  VT Momentum Diversified Income Fund
   VT Munro Smart-Beta UK Fund
   VT North Capital Active Equity Fund
   VT PEF Global Multi-Asset Fund
   VT PortfolioMetrix GBP Funds ICVC
   -  VT PortfolioMetrix GBP Core Assertive Fund
   -  VT PortfolioMetrix GBP Core Balanced Fund
   -  VT PortfolioMetrix GBP Core Cautious Fund
   -  VT PortfolioMetrix GBP Allocation
Assertive Fund
   -  VT PortfolioMetrix GBP Allocation
Balanced Fund
   VT Portfolio Solutions ICVC
   -  VT Elston Multi-Asset Income Fund
   -  VT Elston Liquid Real Assets Index Fund
   VT PPM Investment Funds ICVC
   -  VT Dromore Investment Fund
   -  VT PPM Global Dynamic Fund
   -  VT Mustang Fund
   VT Price Value Portfolio
   VT Redlands Funds
   -  VT Redlands Equity Portfolio
   -  VT Redlands Fixed Income Portfolio
   -  VT Redlands Multi-Asset Portfolio
   -  VT Redlands Property Portfolio
   VT RM Funds ICVC
   -  VT RM Alternative Income Fund
   -  VT RM Global Real Opportunities Fund
   VT Rossie House Portfolio Fund
   VT SG UK Defined Return Assets Fund
   VT Sinfonia OEIC
   -  VT Sinfonia Adventurous Growth Portfolio
   -  VT Sinfonia Balanced Managed Portfolio
   -  VT Sinfonia Cautious Managed Portfolio
   -  VT Sinfonia Income Portfolio
   -  VT Sinfonia Income and Growth Portfolio
   VT Smartfund ICVC
   -  VT Smartfund Balanced Strategy
   -  VT Smartfund Cautious Strategy
   -  VT Smartfund Growth Strategy
   VT Sorbus Vector Funds ICVC
   -  VT Sorbus Vector Fund 1
   -  VT Sorbus Ethics Fund
   -  VT Shaheen Global
   -  VT Blackwood Keystone
   -  VT Blackwood Prime
   VT Tatton Oak ICVC
   -  VT Active Portfolio Overlay Fund
   -  VT Aggressive Portfolio Overlay Fund
   -  VT Balanced Portfolio Overlay Fund
   -  VT Cautious Portfolio Overlay Fund
   -  VT Defensive Portfolio Overlay Fund
   -  VT Tatton Blended Active Fund
   -  VT Tatton Blended Aggressive Fund
   -  VT Tatton Blended Balanced Fund
   -  VT Tatton Blended Cautious Fund
   -  VT Tatton Blended Defensive Fund
   -  VT Tatton Oak Capital Growth Fund
   -  VT Tatton Oak Cautious Growth Fund
   -  VT Tatton Passive Balanced Fund
   -  VT Tatton Passive Cautious Fund
   -  VT Tatton Passive Growth Fund
   VT Teviot UK Smaller Companies Fund
   VT Tyndall Funds ICVC
   -  VT Tyndall Global Select Fund
   -  VT Tyndall North American Fund
   -  VT Tyndall Unconstrained UK Income Fund
   VT Vanneck Funds
   -  VT Vanneck Defensive Fund
   -  VT Vanneck Global Equity Income Fund
   -  VT Vanneck Global Growth Fund
   -  VT Vanneck Investment Growth Fund
   VT Woodhill UK Equity Strategic Fund


The VTAS Team

The key members of the team who deliver the services are:

Anne A. Laing CA - Chief Executive
Anne has a professional office background and has been Head of Authorised Corporate Director services at Valu-Trac since the service launched. She qualified as a member of ICAS in 1983 and has been working in financial services in compliance and accounting since 1995. She is a registered auditor authorised by ICAS. Anne is an executive director of Valu-Trac Investment Management Limited and the Chief Executive.
David Fraser FCCA - Head of Business Operations
David joined Valu-Trac in December 2010. Previously working in General Practice with Frame Kennedy & Forrest (2001 - 2005) and with Ritsons (2005 - 2010), both of which are independent chartered accountancy firms. He qualified as a member of the Association of Chartered Certified Accountants (FCCA) during April 2010.

David obtained a BA in Accounting and Finance from Heriot-Watt University in 2001.
David E. Smith CA - Manager of Fund Financial Accounting & Taxation
David joined Valu-Trac in June 2016 on a summer placement and permanently in June 2017. David has completed an HNC in accountancy at Moray college UHI and a MA in Accountancy and Finance at the University of Aberdeen. David obtained a first class honours degree and was awarded straight A's in the honours years receiving multiple awards from the university including the prize for best honours student in accountancy.

David completed a training contract with the Institute of Chartered Accountants of Scotland supported by Valu-Trac's status as an ICAS training firm and became a Chartered Accountant in September 2021.

Michelle Fraser - Assistant Manager of Fund Financial Accounting
Michelle joined Valu-Trac in April 2020. She has over 12 years accountancy experience gained working in a local accountancy practice and is currently working towards her ACCA qualification.
Diane Hamill - Financial Accounts Assistant
Diane joined Valu-trac in October 2020. She has over 30 years experience in working within Finance and Accounting environments.
Euan Morrice - Fund Financial Accountant
Euan joined Valu-Trac in July 2023.
Adrian Bond - Chief Risk & Compliance Officer
Adrian joined Valu-Trac in June 2022.
Joanne Taylor FCCA - Senior Compliance Manager
Joanne joined Valu-Trac in January 2019. She qualified with ACCA in February 2015 and has gained experience working in a variety of sectors including: public, private and the third sector (charities and voluntary organisations). Joanne brings a love of all things policy and procedural.
Natalie McBain - Compliance Monitoring Manager
Natalie joined Valu-Trac in October 2018 after working within an accountancy practice. Whilst gaining experience in a practice she also started studying through ACCA.
Jade Paton - Assistant Risk and Compliance Manager
Jade joined Valu-Trac in October 2020 after graduating with a BA Honours in Accounting and Finance from Robert Gordon University. She is currently working towards her CISI qualification.
James Dillon-Lee - Incident, Breach & GRC Systems Manager
James joined Valu-Trac in September 2023.
Reanne Davidson - Compliance Assistant
Reanne joined Valu-Trac in June 2023.
Samantha Marshall - Head of Enterprise Risk
Samantha joined Valu-Trac in October 2023.
Wendy Lipkovics - Deputy MLRO & Financial Crime Manager
Wendy qualified as a chartered accountant with ACCA in 2002 whilst working in the Construction industry. She then went on to qualify with a Diploma in Management from the CMI.

Her experience in Finance and Senior Management covers the construction industry, house building and manufacturing with extensive knowledge of the operational aspects of business as well as the financial ones.

During her career she has been involved in several system implementation projects to ensure compliance and accuracy whilst delivering efficiencies and improvements. And, more latterly, working at Directorate level on corporate strategies and managing a team to deliver overall corporate objectives.

Jonathan Child - Fund Operations Director
Jonathan joined Valu-Trac in March 2023.
Allan Reith - Head of Operational Change Management
Jonathan joined Valu-Trac in September 2023.
Alasdair Dennis CA - Head of Fund Operations
Alasdair joined Valu-Trac in 2011. He graduated from the University of Edinburgh with a BSc Honours in Mathematics and Physics.

Alasdair completed a training contract with the Institute of Chartered Accountants of Scotland supported by Valu-Trac's status as an ICAS training firm and became a Chartered Accountant in June 2018.
Kieran Darroch CA - Assistant Head of Fund Operations
Kieran joined Valu-Trac in September 2017 having completed an HNC in accountancy. Whilst studying Kieran gained employment experience within the food industry. Kieran completed a training contract with the Institute of Chartered Accountants of Scotland supported by Valu-Trac's status as an ICAS training firm and became a Chartered Accountant in October 2023.
Stephen Lawson - Head of Fund Accounting & Development
Stephen joined Valu-Trac in July 2017. Previously worked as site accountant in Food industry. He has a good grounding in accountancy and administration with over twenty years experience.
James Brown - Fund Accounting Manager
James joined Valu-Trac on August 1st 2011 from Caley Fisheries in Peterhead where he had been involved in the administration and accounting for fishing vessel partnerships and companies since 2001. He had previously worked in similar roles with Smith Maritime and Shore Hydraulics and had also a years work experience with BP/Britoil whilst at University.

James is a graduate of the Robert Gordon University of Aberdeen where he obtained a BA (Hons) in Business Studies in 1991. He is currently studying towards the ACCA qualification.
Scott Crawford - LEAD Fund Accountant
Scott joined Valu-Trac in September 2018. He is currently studying at the Open University towards a BA Honours in Business Management - Accounting. Previously he worked in the construction industry and as a greenkeeper in Austria.
Steven Morrison - LEAD Fund Accountant
Steven joined Valu-Trac during February 2015. Having achieved 6 highers while at the The Gordon Schools, Huntly he has continued studying towards a Higher national qualification in Accountancy at North-East College in Aberdeen.
He is about to enrol for the ACCA qualification
Samantha Norcross - LEAD Fund Accountant
Samantha joined Valu-Trac in May 2015.  Samantha has worked in professional bookkeeping and accounting offices so joins Valu-Trac with a good discipline and grounding in accounting.
Lauren Edwards - Advanced Senior Fund Accountant
Lauren joined Valu-Trac in June 2017. She previously completed an HND in accountancy before going on to complete BA (Hons) Accounting and Finance. Whilst studying Lauren gained employment experience within the food industry.
Lucy Redfern - Advanced Senior Fund Accountant
Lucy joined Valu-Trac in November 2017 having completed a BA (hons) in Accounting and Finance at Moray College UHI. Whilst studying she also gained professional experience in a local accounting office.
Shaun Thomson - Advanced Senior Fund Accountant
Shaun joined Valu-Trac in April 2018 whilst completing an HND in accountancy. Whilst studying Shaun gained employment experience in the food industry.
Jodie Anderson - Senior Fund Accountant
Jodie joined Valu-Trac in June 2021. She has a HND in accountancy and whilst studying she gained experience in retail.
Amy Barron - Senior Fund Accountant
Amy joined Valu-Trac in January 2021 after obtaining her HND in accounting from Moray College. While studying she gained valuable customer facing employment experience working in retail. Amy went on to gain additional experience at a firm of accountants before re-joining Valu-trac in February 2023.
Joanne Brown - Senior Fund Accountant
Joanne joined Valu-Trac in August 2021. Graduated from Moray College with a First Class Degree in BA (Hons) in Accounting and Finance in May 2021. Previous experience working in retail.
Marian Conti - Senior Fund Accountant
Professional office background in accountancy and investor services.  Experienced in administration of equity, bond and hedge funds.
Elizabeth Hanna - Senior Fund Accountant
Elizabeth joined Valu-Trac in May 2018 having completed a BA Accounting and Finance. She has work experience with Johnston Carmichael and a small independent firm based in Nairn.
Lauren Russell - Senior Fund Accountant
Lauren joined Valu-Trac in March 2021. Lauren had previously worked for a firm of chartered accountants after leaving school in 2019. Lauren hopes to progress with accountancy studies in the near future.
Lynne Scott LL.B FCCA - Senior Fund Accountant
Lynne joined Valu-Trac in July 2016.  She previously worked as a Practice Manager in an independent chartered accountancy firm which was also a subsidiary of Carnegie Knox Ltd. 

After graduating from the University of Edinburgh in 1997 as a Bachelor of Law (LL.B) she moved to the accountancy profession and qualified as a member of the Association of Chartered Certified Accountants (ACCA) during September 2009.
Rachael Stewart - Senior Fund Accountant
Rachael joined Valu-Trac in August 2020 having completed a BA (Hons) in Accounting and Finance at Moray College UHI. Whilst studying Rachael gained employment experience within the food industry.
Michael Watson - Senior Fund Accountant
Michael Joined valu trac in January 2020 after previously working as an accounts assistant at RItsons Chartered Accountants for 2 and a half years.
He has completed his AAT level 2 qualification and is working towards AAT level 3 in the future.
Shamaila Ali - Fund Accountant
Shamaila joined Valu-Trac in January 2019, having gained a First Class Degree in BA (HONS) Applied Social Sciences at Robert Gordon University. Prior to this she has worked for Aegon, Scottish Widows and Lloyds Banking Group.
Ummu Aniff - Fund Accountant
Ummu joined the Valu-Trac team in October 2018, after completing a Honors Degree in Accounting and Finance at Moray College UHI.
Caelan Barnes - Fund Accountant
Caelan joined Valu-Trac in July 2022. He has master's degrees in both Maths and Philosophy and employment experience in the ministry and hospitality sectors.
Matthew Carruthers - Fund Accountant
Matthew joined the Valu-Trac team in July 2023.
Sarah Craven - Fund Accountant
Sarah joined Valu-Trac in November 2019. She comes with experience in accounts fields from Solicitors offices, estates and property. Qualified as a SOLAS Law Accountant in 2008 and CIH Level 3 Certificate in Letting and Managing Residential Property in October 2017.
Finlay Gowan - Fund Accountant
Finlay joined Valu-Trac in February 2022 after completing an HNC in Accounting at North East Scotland College. In his spare time, Finlay has represented Scotland in Carpet Bowls.
Alex Ingram - Fund Accountant
Alex joined Valu-Trac in January 2023 after completing an Honours degree in Management at Robert Gordon's University. She previously gained valuable work experience in the hospitality industry.
Hannah Langley - Fund Accountant
Hannah joined Valu-Trac in June 2021, having moved to the area to be with family. Hannah comes to us from previous roles in the Civil Service having previously earned a Bachelor's Degree in Politics with Quantitative Research Methods at the University of Leeds. She is currently working towards her AAT Qualifications.
Maya McKenzie - Fund Accountant
Maya joined Valu-Trac in 2021 after completing an HNC in Accountancy at Moray College UHI. Maya had previously gained a qualification in business and admin and has also gained communication skills from previous employment working with clients.
Hamish Macpherson - Fund Accountant
Hamish joined Valu-Trac in June 2023.
Finlay Nicol - Fund Accountant
Finlay joined Valu-Trac in January 2021 after previously working for a firm of chartered accountants. He has completed his AAT level 2 qualification and is coming towards the end of his level 3 exams. He hopes to complete his AAT exams in the near future.
Natasha Ogle - Fund Accountant
Natasha joined Valu-Trac in March 2023. Prior to joining Natasha gained valuable customer service experience working in retail and hospitality. In her spare time Natasha works to raise Holocaust awareness and also holds a black belt in Tang Soo Do, competing nationally and internationally.
Jennifer Robertson - Fund Accountant
Jennifer joined Valu-Trac in September 2022. She previously worked in finance, administrative services and business support roles in the renewable energy and oil & gas sectors. Jennifer has SVQ qualifications in Business Administration and Procurement Services, gained through modern apprenticeships.
Maria Simpson - Fund Accountant
Maria joined Valu-Trac in September 2022.
Courtney Sutherland - Fund Accountant
Courtney joined Valu-Trac in July 2019. Previous experience in customer service and sales with a hospitality background.
Brontë Almond - Trainee Fund Accountant
Brontë joined Valu-Trac in October 2023.
Libby Dennison - Trainee Fund Accountant
Libby joined the Valu-Trac team in March 2024.
Michelle Fraser - Trainee Fund Accountant
Michelle joined the Valu-Trac team in March 2024.
Kai Hay - Trainee Fund Accountant
Kai joined Valu-Trac in October 2023.
Bruce Hunter - Trainee Fund Accountant
Bruce joined the Valu-Trac team in March 2024.
Nathan Scholes - Trainee Fund Accountant
Nathan joined Valu-Trac in October 2023.
Michelle Mather - Settlements Administrator
Michelle joined Valu-Trac in August 2020 after working for a local leisure organisation. She previously worked for Swale Borough Council (Kent) for 5 years providing administrative support to the Revenues and Benefits Teams. Prior to this she worked in the NHS Business Services Authority for a number of years as a Customer Contact Officer and also for Barclays Bank PLC as a Lead Cashier.
Jamie Helme - Chief Financial Officer
Jamie joined Valu-Trac as CFO in February 2024.
Matthew Duncan - Executive Support Manager
Matthew joined Valu-Trac in October 2020. He holds an MA in Politics and International Relations from the University of Aberdeen. After graduating Matthew worked as an Advisor at the Scottish Parliament and served seven years as an elected councillor on Aberdeen City Council. After working for several years in the recruitment industry, Matthew joined Valu-Trac where his role is to assist our Chief Executive Anne A. Laing.
Gillian McFadyen - Company Accountant
Gillian joined Valu-Trac in September 2015. She holds an HND in Accounting and is currently studying towards her ACCA qualification. She has extensive experience in customer service and administration. For over 10 years she volunteered with the Moray branch of Riding for the Disabled and was treasurer for 4 years.
Gillian returned to Valu-Trac in December 2019 bringing with her valuable experience gained at a local accountancy firm, dealing with book-keeping, preparation of VAT returns and the preparation of accounts for a wide variety of individuals and companies, amongst other things. She is also a founding member and treasurer of Friends of Dr Grays, a non-profit organisation, based at Dr Grays Hospital.

Sandy Howie - Manager, Withholding Tax and Treasury Oversight
Sandy joined Valu-Trac in November 2018. He previously worked for Moray Council providing Technical Support to the Customer Services Team. Prior to this he worked for Royal Bank of Scotland for 29 years.
Janine Ashton-Brown - Head of Treasury
Janine joined Valu-Trac in June 2017, after moving north to be with family. She has more than 30 years' experience in accounting environments and has a good all round knowledge of accounting practices.
Lynn McConnachie - Accounts & Treasury Assistant
Lynn joined Valu-Trac in May 2022. She has 30 year's experience in Office environments and holds an SVQ in Administration.
Demii Mackenzie - Treasury Assistant
Demii joined Valu-Trac in March 2024.
Jasmine Baillie - Treasury Assistant
Jasmine joined Valu-Trac's Treasury team in January 2022. Prior to joining Valu-Trac Jasmine worked in a regulated financial administration role in the motor trade for 6 years. Jasmine holds an SVQ in Business Administration.
Rebecca Robinson - Executive Assistant
Rebecca joined Valu-Trac in 2005. Previously she worked for British Nuclear Fuels Limited and British Telecom.
David P Smith - Treasury Support
David joined the Valu-Trac team at the start of November 2016. He has many years experience of working in professional accounting practice and most recently in the cash room of a local law firm.
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