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Scholefield leaves Swip

Scottish Widows Investment Partnership has parted company with its head of inter- national equities, Tim Scholefield, who oversaw funds worth 6.8bn.

The firm is understood to be disappointed with the performance of its international equities team, particularly across its global equities funds.

Swip has lagged behind the global growth sector, with its 32m global fund posting a loss of 19.9 per cent over five years against a peer group rise of 0.3 per cent.

Emerging markets head and Swip emerging markets fund manager Kim Catechis takes the reins from Scholefield. Catechis, has been with the firm for 10 years and has beaten the global emerging markets sector average by 5 per cent over the last five years, returning 97.4 per cent against an average return of 92.7 per cent.

Head of UK distribution Simon Wombwell says: “We are focusing on developing new business in our global emerging markets team, which will now report directly to chief investment officer Graham Wood. This will change the role of international equities within the group, and Tim is leaving as a result.”

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