Peter Cockburn's £371m SWIP UK Select Growth and £124m UK Opportunities funds have been handed to James Clunie with immediate effect, as part of a shake-up at the firm which will see 23 investment roles culled.
Clunie will continue to run the £14m UK Flexible Strategy fund.
Cockburn's (pictured) role as head of UK equities has been axed, but he remains at the firm for the time being, SWIP confirmed.
Earlier this week the group told its clients that Cockburn's £24m UK Select investment trust would be terminated as the group refocuses away from active management to an "enhanced passive" style.
Last week Investment Week reported Clunie and UK Smaller Companies managers Gregor MacDonald and Andrew Paisley will not be affected by the changes, with their products and roles remaining intact. Investment manager for real estate securities, Vicky Watson, will also remain with the firm.
SWIP is planning a major reorganisation of its £54bn equities business, with some strategies set to shift from an active to a passive investment approach driven by quant models. There will also be a major move away from regional desks to a single global team approach.
SWIP said: "This process will take some months and will result in the closure of a number of smaller regional equity funds that no longer fit with the revised strategy, in addition to some funds that due to their small size are no longer economically viable for SWIP to manage."
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