Scottish Widows Investment Says Senior Executives to LeaveRodney Jefferson
Scottish Widows Investment Partnership, the Edinburgh-based money manager acquired by larger rival Aberdeen Asset Management Plc, said Chief Executive Officer Dean Buckley is leaving the company.
Buckley, 53, was hired in November 2007 after working at the money management business of HSBC Holdings Plc. He oversaw the revamp of Scottish Widows Investment’s business, shifting the focus of its stocks funds away from active management in favor of index-tracking and quantitative investing.
Will Low, director of equities, Lynda Shillaw, who runs real estate, and Mark Connolly, director of fixed income, are also departing, according to an e-mailed statement from Aberdeen and Scottish Widows Investment today.
Low joined from BlackRock Inc. in April 2011 as head of global equities and a year later took charge of the group of stock fund managers retained to improve performance. At least 27 managers departed at the time as part of the changes. Connolly, who earlier worked at Edinburgh competitor Standard Life Investments, was named in January 2010, while Shillaw joined at the start of 2013 from within former owner Lloyds Banking Group.
Aberdeen, Europe’s largest publicly traded money manager, completed its purchase of Scottish Widows Investment on March 31 after agreeing terms last year. Aberdeen Chief Executive Officer Martin Gilbert said the company had identified cost savings “over and above” those expected from the acquisition.
Scottish Widows Investment oversaw 138 billion pounds ($232 billion) of assets at the end of February, with 4 billion pounds of it in actively managed stocks. Aberdeen ran 186 billion pounds of assets, with 100 billion in active equities.