UK – Beleaguered Scottish fund manager Edinburgh Fund Managers has lost another of its UK equity team to rival Scottish Widows Investment Partnership.

Following the announcement yesterday that Robert Waugh, EFM’s head of institutional UK equities, was going to SWIP, today it emerged that UK equities investment manager Peter Cockburn would also be joining SWIP.

Cockburn will be responsible for a number of SWIP’s retail funds, and reports to Waugh - who will oversee both retail and institutional business.

Cockburn and Waugh will join a team of nine fund managers, which together manage 22.6 billion pounds (32 billion euros). A spokeswoman for SWIP said that they are looking to further expand the UK equity team and the European equity team over the coming year.

SWIP has around 73 billion pounds (103 billion euros) in funds under management, of which 19 billion pounds (27 billion euros) is invested on behalf of institutional clients.

Britannic Asset Management has also bolstered its UK equity team with the appointment of Finlay MacDonald as Investment Manager, taking the company’s UK equity team to 10 members strong. Previously he worked at Glasgow Investment Managers where he was actively involved in company and sector analysis, stock selection, economic assessment and handling the asset allocation process and managing specific funds.