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Balfour quits EFM after row over firm&#39s future

Edinburgh Fund Managers chief investment officer Mike Balfour has quit the firm after 16 years following a reported dispute with chief executive Iain Watt.

The dispute is thought to have centred on EFM&#39s future, with Balfour reported to be keen on a takeover and Watt wanting to retain independence.

Balfour, who also managed EFM&#39s flagship £1.5bn Edinburgh investment trust, is not believed to have secured another position.

EFM is to look externally for Balfour&#39s replacement but, in the interim, his position will be covered by EFM&#39s investment advisory board. Head of UK equities Robert Waugh will run the investment trust.

Balfour&#39s resignation is the latest in a chain of high-profile departures from EFM this year, which include former head of UK equities Graham Campbell and star small-cap manager Andy Bamford.

Chairman John Wright says: “Mike Balfour has made a considerable contribution to Edinburgh Fund Managers, for which we warmly thank him.”

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