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Scottish Widows Loses Emerging Markets Team to Edinburgh Rival

May 5 (Bloomberg) -- Scottish Widows Investment Partnership, one of Edinburgh’s two largest fund companies, lost its emerging-markets team to a smaller rival in the city.

Martin Currie Ltd., a manager of stocks in the Scottish capital, said today it hired four more money managers to work under Kim Catechis, the head of emerging markets it recruited from Scottish Widows last month.

Scottish Widows, the fund unit of Lloyds Banking Group Plc, said it will combine the management of its emerging-markets funds with developed markets to create a new international stocks team. That group will be headed by Michael McNaught-Davis, the company said today in a statement. McNaught-Davis had worked under Ian Vose, head of global developed markets, who left the company last month.

Martin Currie hired Andrew Ness, Jeff Casson, Divya Mathur and Mohammed Zaidi, it said in an e-mailed statement today. The appointments complete the formation of the company’s new emerging-markets team, it said. The four money managers will work out a notice period, Scottish Widows said.

Scottish Widows oversees about 142 billion pounds ($215 billion) in stocks, bonds and property. Standard Life Investments, also based in the city, manages about 146 billion pounds of assets. Martin Currie oversees about 12 billion pounds.

To contact the reporter on this story: Rodney Jefferson in Edinburgh at r.jefferson@bloomberg.net

To contact the editor responsible for this story: Tim Quinson at tquinson@bloomberg.net

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