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Widows&#39 UK equities chief Corless is ousted

Scottish Widows head of UK equities Mike Corless has been sacked less than

two weeks before the merger of Widows&#39 investment arm Swim with Hill Samuel

Asset Management.

Corless, who was appointed to the post four months ago, was dismissed as a

result of poor investment performance. He had been with the firm since

joining from Threadneedle in 1996.

Corless is to be replaced by Alan Denholm, who takes up the post after

seven years as Swim&#39s head of US equities.

Denholm, 36, will have responsibility for more than 40 per cent of the

merged company&#39s £90bn under management.

The incident is yet another blow to Widows, which has seen almost all of

Hill Samuel&#39s fund managers quit since the announcement of the merger.

The merger on June 30 will create the Scottish Widows Investment Partnership.

Swip chief executive Orie Dudley says: “It is impossible to overestimate

the importance to our business of achieving consistent, high-quality

inv-estment performance. In linewith that, I have concluded that our UK

equities team requires new leadership.”


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