City Merchants High Yield Trust Ltd. announced that Clive Nicholson retired at the conclusion of the annual general meeting held June 15, 2017. The Board of the company is announced the appointment of Tim Scholefield as a non-executive director and Chairman of the company from June 15, 2017. Scholefield was Head of Equities at Baring Asset Management until 2014. He has since developed a small portfolio of non-executive directorships including F&C Capital and Income Trust PLC, Fidelity Asian Values PLC and Standard Life UK Smaller Companies PLC and is an external member of the General Medical Council’s Investment Committee.