Martin Currie Global Portfolio Trust began a stock lending programme with State Street last year.

The investment trust’s annual financial report reveals details of the arrangement, which is designed to “add modestly to income”.

All stock loans are fully collateralised, the statement added, and do not affect Tom Walker’s management of the £170m portfolio.

State Street has acted as a custodian bank for the trust over several years, providing safekeeping for its assets.

Now the bank will also administer the lending of assets, typically to borrowers such as hedge funds and prime brokers, generating income for the trust and earning a fee for itself in the process.

It is not clear when the lending arrangement began, but gross earnings totalled £53,000 in the twelve months to end of January 2016, and the fees amounted to £13,000.

£36.6m of investments were subject to stock lending agreements and £37.7m was held in cash collateral.

Martin Currie Global Portfolio Trust has portfolio of just 60 stocks, including JP Morgan, Facebook and Apple.

The trust added that in light of the current low interest rates, combined with Tom Walker's positive outlook for global equity markets, the board is considering long term gearing when conditions are right.

A spokesperson for the trust declined to comment.