SWIP suffers more senior exits

Scottish Widows Investment Partnership (SWIP) has lost another key member of its investment team after Robert Waugh, head of UK equities, quit the firm to join RBS. This is the sixth departure in two months, which raises the issue of whether a change of strategy is causing some unrest among its staff.

Earlier this month SWIP revealed that Graham Wood, the group's chief investment officer for equity, would be leaving the firm as part of a wider shake-up of strategy to become the "centre of excellence" for Lloyds Banking Group.

The firm's assets under management have swelled to 125bn as a result of the movement of funds from HBOS's Insight Investment subsidiary, which was sold to Bank of New York Mellon last month.

The change of strategy means that SWIP's bond and property units, which were previously lumped together, now operate as standalone functions.

As well as Waugh and Wood, SWIP lost Rob Davidson, its global head of fixed income, who left to join Alliance Trust last month along with three of his team - Gareth Quantrill, Stuart McMaster and Stuart Steven.

One headhunter who specialises in the Scottish fund management sector, says: "While I wouldn't say everyone is rushing to the door at SWIP, a period of upheaval always means people get itchy feet and competitors are sensing it might be easier to prise them away."

SWIP is understood to be in the process of replacing the fixed income departures, but has confirmed Peter Cockburn, investment director of UK equities, will take over as interim head of UK equities and the firm will not be adding to its existing team of 13 in this division.