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Double blow for Swip as CIO and retail chief quit

Scottish Widows Investment Partnership has been left reeling after

the double resignation of its chief investment officer and head of

retail fund management.

The departures of CIO Sandy Nairn and head of retail Graham Campbell

are a huge blow to Swip, which has made great strides after the

turmoil of its absorption into Lloyds TSB group in March 2000 which

saw Hill Samuel merged with Scottish Widows Investment Management.

Nairn and Campbell are reported to be setting up their own business.

Nairn has been credited with reversing the fortunes of the firm he

joined in late 2000, which had suffered a staff exodus, including key

personnel such as Albert Morillo.

Nairn oversaw the restructuring of Swip&#39s equity capability and

refocusing of its investment philosophy. IFAs credit Campbell, who

joined in May 2001, with turning round the performance of its UK

retail equity funds.

Andrew November, head of institutional funds and global strategy,

will take over as CIO for institutional business while Graham Wood,

head of global sectors and international research, will become CIO

for equities.

Chief executive Bill Main says: “Sandy made a strong early

contribution to the business and we are grateful to him for

overseeing our successful repositioning.”

Bates Investment Services senior investment adviser Kerry Nelson

says: “It is a massive loss. Nairn has pulled everything together

after the problems and the departure of them both is a huge blow.”


Piece of the PI will be welcome boost

The first captive insurer offering professional indemnity insurancesolely to IFAs is about to emerge.The news will come as a relief to many IFAs and hopefully inject lifeinto a moribund market. It will not offer an overnight solution nor areturn to significantly lower levels of premiums.It may help some IFAs get cover and even allow better […]

Furless in the Furness

Furness Building Society chief executive Rob Cairns is feeling theCumbrian wind on his chin for the first time in 30 after shaving hisbeard off for Comic Relief.The Diary has yet to hear of the reaction of the unwarned Mrs Cairns,who apparently saw the chin she had been married to for decades forthe very first time […]

Trade bodies urge rethink on Isa tax credit

Six trade associations are clubbing together to urge ChancellorGordon Brown to scrap plans to abolish the 10 per cent tax credit onequity Isas in April 2004.The Investment Management Association, the Pep and Isa ManagersAssociation and four other bodies, including Aifa and the AITC, havewritten to the Chancellor seeking an urgent meeting to discuss theeffect that […]

Partnership shape

The Millfield Partnership had somewhat unorthodox beginnings.“Millfield was formed out of adversity, really,” says Roger Brosch,sales director and one of the partnership&#39s creators.The founding partners were employees of the French group, GeneralAssurance National, which had been working to build an IFA arm. WhenGan chose to withdraw from British operations and the plans wereshelved, a small […]

Childcare - thumbnail

Three questions for employers…

The Family and Childcare Trust’s annual survey has been widely reported in the media and the two headline figures were these: the average cost of a nursery place for a child under two has risen by 33 per cent since 2010; and the costs have risen by five per cent in a single year.


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