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Swip global equity manager Colin Beveridge quits

Scottish Widows Investment Partnership investment director of international equities Colin Beveridge has quit the group and is leaving by the end of September.

The fund manager is leaving the Edinburgh-based group after six years and is expected to take time out of the industry before considering other positions, Money Marketing can reveal.

The departure comes after his former boss at the group, global developed market equities head Ian Vose, quit the group in April to join London-based Investec Asset Management. Another fund manager at the group, Mike McNaught-Davis, was later appointed to replace Vose as head of the team. Swip also lost its emerging market team, headed by Kim Catechis, in April.

Beveridge is currently running life and pensions money in the Clerical Medical international growth and the Halifax international growth fund and also manages the Scottish Widows global growth fund. They are being passed to another investment director, Iain Fulton, on an interim basis.

The manager previously ran the Scottish Widows global select growth fund until September 2009, the Swip global fund until September 2007 and the Swip global SRI fund until September 2006, according to Trustnet.

Beveridge was given the Clerical Medical fund to manage when Lloyds Banking Group – Swip’s owner – sold its other asset manager Insight to BNY Mellon last year and passed the fund to Swip.

In a statement, the group says: “Swip’s unique team approach to fund management will ensure continuity of management. All of Swip’s investment teams adopt a team-based approach to investing and the rest of the international equities team will work together to ensure a seamless transition of responsibility. As part of its strategy for growth, Swip will be looking to recruit a number of international equity fund managers to join its twenty strong team.”

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