SWIP swoops for Edinburgh’s Waugh
UK – Robert Waugh, head of UK equities at Edinburgh Fund Managers, is leaving to join Scottish Widows Investment Partnership.
Waugh joined Edinburgh Fund Managers just two years ago, but is now moving on to become head of UK equities at Scottish Widows Investment Partnership (SWIP). Prior to joining EFM, he was at Philips & Drew for 15 years.
SWIP would confirm only that Waugh was joining – and that it would announce the new team structure tomorrow (Tuesday).
At EFM, David Binnie, current deputy head of UK equities will replace Waugh.
The future of Edinburgh Fund Managers is uncertain. In a statement issued at the beginning of July, the Scottish fund manager said: “The Board continues to review its strategic options including discussions which may or may not lead to an offer being made for the company.”
It did not say whom it was talking to, though the statement appeared to be prompted by a report in the Glasgow Herald that ISIS Asset Management was in talks to buy EFM, although ISIS declined to comment on the report at the time.
Edinburgh Fund Managers’ funds under management at March 31 2003 were 3.9 billion pounds.