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Hill Samuel exodus goes on as its Euro star quits

Hill Samuel Asset Management suffered another body blow this week, when its head of pan-European equities quitto become chief investment officer for Rothschild Asset Management.

David Kiddie is the second of HSAM&#39s star fund managers to jump ship, following US team chief Katherine Garrett-Cox earlier this month. He takes up his position in September.

All eyes are now focused on HSAM&#39s last star Ashton Bradbury, who manages the UK smaller companies fund and has also been rumoured to be leaving.

Kiddie managed a team of 30 fund managers at HSAM, controlling 26bn of funds across both UK and European markets. The rest of the European team are also expected to leave in the next few weeks. The latest departure comes after a week in which Scottish Widows announced the new name of the merged asset management company with HSAM.

However, the new name – Scottish Widows Investment Partnership – will be coolly received by some HSAM employees who claim the merger has been more of a Widows walkover than a partnership.

Scottish Widows maintained this week that the new business will have around 100 fund managers, of which around 50 will be from Swim, up to 30 from HSAM and the rest from elsewhere.

Scottish Widows head of communications Alan Young says: “We announced the heads of our new teams in February so this is not news. It is not what people have done in the past, it is what they will do in the future.”

Director of IFA Plan Invest Michael Owen said: “The new company is literally going to be starting from scratch. If you are an IFA you have got nothing to get hold of, you have got to take everything on trust.”

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