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Swip&#39s misery continues as Dudley departs

Scottish Widows Investment Partnerships&#39 nightmare year is continuing with the departure of chief executive and acting chief investment officer Orie Dudley.

Dudley is joining Chicago-based fund manager Northern Trust.

His replacement as Swip chief executive will be Widows&#39 overall deputy chief executive Bill Main. Templeton&#39s director of global equity research Sandy Nairn will become chief investment officer in November.

Swip&#39s recent decision to integrate London-based Hill Samuel Asset Management, owned by ultimate parent Lloyds TSB, into Widows&#39 Edinburgh operation prompted an exodus of around 30 managers.

These included the US equities team led by Katherine Garrett-Cox, head of European equities David Kiddie and UK small-cap manager Ashton Bradbury. Widows&#39 operation had already been rocked by the departure of unit trust managing director Jamie MacLeod and star European fund manager Albert Morillo.

In an attempt to turn the tide, Dudley sacked Mike Corless as his head of UK equities in June for poor performance.

Widows head of corporate communications Alan Young says: “Orie passed a major milestone when Swip came into being. He has an excellent opportunity with Northern Trust in the US.”

Plan Invest director Michael Owen says: “The whole operation leaves a lot to be desired. There&#39s just no stability. This is further evidence of the group&#39s demise.”

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