Smith, who is currently deputy CIO and chairman of the emerging markets investment policy committee, joined Baillie Gifford in 1987. From April onwards, he will chair the investment policy committee.
Smith is also chairman of the ACWI Alpha portfolio construction group, head of the Global Opportunities team and manager of the Monks investment trust.
James Anderson, who has been CIO since 2006, will hand the position over to Smith but will continue his other roles at Baillie Gifford.
Anderson will continue to head the Long Term Global Growth team and remain chairman of the EAFE Alpha portfolio construction team. In addition, he will remain the manager of the Scottish Mortgage Investment Trust and a member of the investment policy committee and a partner. (article continues below)
Coutts takes over from Peter Hollis, who decided earlier this year to step down and leave the group in April.
Smith says promoting a healthy debate and a constructive exchange of ideas within and between Baillie Gifford’s investment teams will be one of his main goals as chief investment officer.
Today’s news follows Ballie Gifford’s recent announcement that Ken Edwards, the head of intermediary sales, will retire in February next year. Chris Fletcher and Jim McGhie, the respective heads of retail investments and retail administration, will both retire in April.