Are people now seeking to leave SWIP voluntarily?
Ok, so two men don't make a trend, but it's nevertheless worthwhile taking heed of the fact that there have been a couple of departures from SWIP recently.
Firstly, Malcolm Naish, SWIP's property head of five years is retiring. Secondly, Juan Valenzuela, who has spent six years at SWIP, running the £79m Absolute Return Bond fund alongside James Carver, has been poached by Alliance Trust Investments.
Neither move would merit much mention - were it not for the fact that SWIP recently took a hatchet to its UK equities team and is persistently rumoured to be subject to takeover bids. Staff there may be feeling a little uncertain as a result.
