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Swip shake-up sees switch on UK growth and financial funds

Scottish Widows Investment Partnership has reshuffled the managers on its £1.6bn UK growth fund and £16m financial fund.

It has appointed Jeremy Charles, who was recruited from Aviva UK Life in July, as manager of the Scottish Widows UK growth fund. He takes over from James Clunie, who manages the Swip absolute return UK equity fund.

The 40-year old Swip financial fund has been taken over by Michael Wasserman, replacing Richard Dunbar, who now jointly heads the company’s new governance and sustainability team with Anne Fraser and Craig Mackenzie.

A Swip spokeswoman says: “We firmly believe their expertise and depth of knowledge will ensure we remain focused on delivering excellent performance for our clients. Swip is committed to growing its equity business and driving its capabilities in this asset class.”

Hargreaves Lansdown senior analyst Meera Patel says: “For once, rather than losing people, they have merely put in place the right resources to manage the right funds. Let us just hope that this now leads to better performance, which is clearly what Swip need to focus on.”

Whitechurch Securities senior analyst Ben Seager-Scott says: “Performance from both funds has been pretty uninspiring for the last few years and I cannot help but be concerned over the continual corporate flux we are seeing.”

The Edinburgh firm’s equity fund teams have seen several changes in recent months, including the departure of investment director of international equities Colin Beveridge in September.

Head of global emerging markets Kim Catechis quit in April to join Martin Currie along with his emerging equity team while head of global developed markets Ian Vose quit in a move to Investec.

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