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A-rated James Clunie resigns from Swip
by Danielle Levy on Apr 15, 2013 at 13:38
Scottish Widows Investment Partnership's (Swip) UK equity manager James Clunie has left the firm, Wealth Manager can reveal.
Citywire A-rated Clunie (pictured) ran the UK Flexible Strategy funds and had run the Swip UK Opportunities fund on an interim basis following the firm's decision to reposition its equities strategy last year. He had joined the company in 2007.
The group confirmed his departure and said Tony Foster, investment director, will assume responsibility for managing the SWIP UK Flexible Strategy fund, while Mark Phillips will continue as back-up manager. A spokesperson for the team wished Clunie luck in the future.Over the past three years his £50 million UK Flexible Strategy has posted a 24.5% return compared to a 2.4% rise by three-month sterling Libor, according to Lipper.
His departure follows a challenging few years for the Lloyds-backed fund management business,marked by a net outflow of £6.6 billion last year and a string of departures from the fund management team. The group reported profit before tax of £108 million and gross external new business, excluding cash, of £1.5 billion.
The group also opted to close Japanese, European Income and UK Real Estate funds after continuing redemptions limited the funds’ net asset value late last year, and to shift part of its £54 billion UK equities business to a quantitative strategy in April of last year.
It said it was repositioning its equity business to focus on global and specialist active equities, and axing much of its previous active UK exposure and culling half of its equities fund managers.
Clunie was an investment director in the global equity team, and formerly a senior lecturer at the University of Edinburgh for four years, conducting research into stock lending and short selling.
Prior to this, he worked at Murray Johnstone International, and was also head of asset allocation and global equities at Aberdeen Asset Management.
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