However, Sir Brian Ivory also flags the board's belief that there would be enough time to consider any necessary action after a Yes vote, if that were the outcome.
His comments feature in the first-half results of Saints, which is managed by Edinburgh-based Baillie Gifford. The results, published yesterday, show Saints made a total return on net asset value of 1.6 per cent in the six months to June 30. This was adrift of a total return of 3.2 per cent on the international investment trust's benchmark, the FTSE All-World Index, in sterling terms.
Sir Brian says in the results: "The board is aware that a vote for secession would bring new regulatory, fiscal and currency risks.Scotland's relationship with the residual United Kingdom and with the EU would be subject to negotiation, with transitional periods before and after actual secession.
"The directors are fully aware of their responsibilities to shareholders and have had detailed discussions with the investment manager regarding appropriate action should there be a Yes vote: the board believes it would have sufficient time to assess the evolving situation and to take action as appropriate."