Orie Dudley's resignation as chief executive and acting chief investment officer of Scottish Widows ...
Orie Dudley's resignation as chief executive and acting chief investment officer of Scottish Widows Investment Partnership comes only a few months after the integration of Hill Samuel Asset Management and the loss of £1.89bn in pension fund business.
Dudley officially resigned from the group at the end of July after he told journalists that LloydsTSB could pull out of the asset management. The comment prompted an immediate reaction from Mike Ross, chief executive of Scottish Widows, who backed Dudley but said LloydsTSB was 100% committed to fund management.
Dudley's departure allows him to take up the role of chief investment officer at US group Nothern Trust Global Investment.
Bill Main, deputy chief executive of Scottish Widows and previously group finance director, has been appointed chief executive in place of Dudley. In early November Sandy Nairn, currently director of global equity research at Templeton, will join Scottish Widows Investment Partnership as chief investment officer.
The announcement of Dudley's departure came at the same time as Gloucestershire and Suffolk county councils withdrew pension funds from Scottish Widows. Roger Brown, marketing director at Scottish Widows Investment Partnership, said the group had lost 7% of its institutional assets with the merger of Hill Samuel.
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