Garrett-Cox heads for Scotland

UK - Katherine Garrett-Cox has resigned as chief investment officer at Morley Fund Management to move to Dundee-based Alliance Trust as group executive director and chief investment officer.

Garrett-Cox, who will relocate from London to her house just outside of Aberdeen, is expected to start at the firm in May after three years at Morley, a spokeswoman told IPE today.

The move follows only weeks after Morley, owned by insurance group Aviva and with £162bn in assets under management, announced it has appointed Scottish Widows Investment Partnership boss Chris Phillips as the firm's new chief executive, hence bypassing Garrett-Cox.

Shortly after Alliance Trust revealed that Carrett-Cox will be joining the firm, Morley came out with a release saying that its head of strategy, Adrian Jarvis, would become interim chief investment officer from the end of March.

"Chris Phillips, whose appointment as Morley's new chief executive officer was recently announced, is aware of Katherine's decision and supportive of Adrian taking on the interim role," Morley's press release stated this morning.

Garrett-Cox, one of the most high profile women in the City, will in her role as chief investment officer and executive director help the Dundee-based firm to "lead the development of our growing asset management business," said Alliance Trust's chief executive Alan Harden.

Before Morley, she managed US equities for Aberdeen Asset Management before becoming its chief investment officer aged 33.

Harden added: "Katherine's appointment underlines the Board's commitment to delivering real return to shareholders through strong investment performance as well as by developing innovative investment products to meet the needs of our growing customer base."

Her appointment comes during a time of drastic change at Alliance Trust.

Last year, the firm merged with Second Alliance Trust to create the UK's largest generalist investment trust and it launched a Hong Kong-based boutique AT Asset Management as well as several open-ended funds.

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