The SIF Education Company is a 100% owned subsidiary of the Stewart Ivory Foundation. The Stewart Ivory Foundation is a charity established to further the development of financial education in Scotland. The SIF Education company owns and runs the Practical History of Financial Markets course. The directors of the company are-

Russell A R Napier   LLB(Hons), LLM

Consultant, CLSA Emerging Markets

Russell graduated from Queen's University Belfast in 1987 and following a year at law school graduated from Magdalene College Cambridge in 1989. He joined Baillie Gifford in 1989 and worked as an investment manager until 1994. Following a year at Foreign & Colonial Emerging Markets as an investment manager he joined Credit Lyonnais Securities Asia. From 1995 to 1999 he was the Asian equity strategist for CLSA and from 1999 has been fulfilling a consultancy role with the company. His first book Anatomy of A Bear: Learning From Wall Street's Four Great Bottoms will be published in November 2005.

Hamish Noble Buchan

Hamish spent six years as an actuarial student at Scottish Widows Fund and Life Assurance Society and then joined Wood Mackenzie in 1969. He remained with the firm throughout its various changes in ownership until 2000. Since then, he has taken on a consultancy role in the financial sector including directorships of several investment trusts. Hamish was a director of the Scottish Council of Independent Schools from 2001 to 2004 and a governor of Dollar Academy from 1990-2004. In December 2005 he takes up a new position as chairman of the Association of Investment Trust Companies (AITC).

Angus John Tulloch   BA (Hons)

Head of Global Emerging Markets and Asia Pacific (ex Japan) Equities, First State Investments (formerly Stewart Ivory)

Angus graduated from Clare College, Cambridge in 1970 with an Honours degree in Economics and History. After working as an accountant with Whinney Murray, the National Bus Company and Elba Growers, he joined Cazenove in 1980 where he specialised in Far East equity investment. Angus returned to Scotland in 1988, joining Stewart Ivory to establish a self-standing Asia Pacific (ex Japan) desk. He is currently Manager of the First State Asia Pacific and Global Emerging Markets Funds.

Michael Warren Balfour   BComm, CA

Non-executive Chairman, Managing Director Glasgow Investment Managers

Mike was Chief Investment Officer and Managing Director of Edinburgh Fund Managers until October 2001. He is a member of The Institute of Chartered Accountants of Scotland. He is non-executive Chairman of Ralph Institutional Advisers, an Edinburgh based Fixed Interest Broker. Mike is also on the board of DowCarter, a digital marketing company, and McLeod Russel a quoted engineering company based in Oxfordshire. Mike is CEO of Glasgow Investment Managers.