View more on these topics

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.”


Micheal Both

Because stakeholder does not replace an older product, the complexity facing potential purchasers has increased. Not only must they come to grips with stakeholder but also the alternatives that are available, such as Isas, venture capital trusts, enterprise investment schemes and even “ordinary” stockmarket-based investments using their annual capital gains tax allowances.Like other pensions, stakeholder […]

Loan aimed at ethical homeowners

Ethical Investment Co-operative is setting up a mortgage with building energy conservation consultancy Thirdwave.EIC and Thirdwave have joined with a panel of building societies, including Skipton, Yorkshire and the Scottish Building Society, to offer the environmentally friendly plan.The ethical mortgage offers new incentives for borrowers to improve their homes and make them more environmentally friendly.The […]

With Friends like this…

A client of ours recently increased his regular monthly contributions to his Friends Provident personal pension.Quick as a flash, our local Friends Provident office churned out an illustration based solely on the additional contributions, the main function of which is to let the client know just how much commission the additional contributions will generate.As a […]

Unum warns too many people believe illness won&#39t happen to them

UK families are convinced they will not be affected by long-term illness, according to a survey from health insurance provider Unum.The survey says 70 per cent of the working population believe there is no chance they will ever be struck down by an illness or accident that prevents them from working for three months.However, the […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm