Scottish Widows Investment Partnership has sacked head of international equities Tim Scholefield, who oversaw funds worth 6.8bn.
Emerging markets head Kim Catechis enjoys an effective promotion as a result of the move.
The firm is thought to be disappointed with the performance of its international operations, particularly in its global equities funds. Scholefield has lagged behind the global growth index posting a loss of 19.9 per cent over five years against a sector rise of 0.3 per cent over the period in his 32m global fund.
Catechis, who has been with the firm for ten years, has beaten the global emerging markets index by five per cent over the last five years, returning 97.4 per cent against a sector average of 92.7 per cent to January 16, 2006.
SWIP 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 into chief investment officer Graham Wood. This will change the role of international equities within the group and Tim is leaving as a result.”