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SVM replaces investment team defectors

Investment boutique Scottish Value Managers has taken on three managers to rebuild its investment team after a series of defections.

Hugh Cuthbert, Hector Kilpatrick and Neil Veitch join the firm from Kempen Capital Management.

SVM says it anticipates being up to full strength by the end of the year.

Cuthbert will run the continental European fund, form-erly run by Paul Casson before he quit to join Hendersons in October. His replacement, Andrew Dykes, also quit after two weeks.

Kilpatrick will run the firm’s SVM UK alpha fund and Veitch will run the UK opportunities fund, replacing David Stevenson and Andrew Kelly, who also left in October to set up Britannic’s UK boutique.

After losing four managers in a month, SVM was criticised by Hargreaves Lansdown head of research Mark Dampier, who felt they needed to be given more incentive to stay.

Spokesman Roland Cross says: “We should now see a little bit of stability coming into the business. The new managers will be given the right to take share options in the business and the key thing now is for SVM to capitalise on its investment process.”

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