Harry Nimmo is to be replaced as the manager on the Scottish Widows HIFML UK Smaller Companies Alpha fund after the mandate was brought in-house.
The move is the latest in a series of Scottish Widow funds to be brought in house, following the previous removal of mandates from Russell Investments and MacKay Shields.
A group statement explains: “This small cap fund was included in the £50 billion in assets transferred from Insight to SWIP in 2010.
“With an experienced and established in-house small cap capability, it makes sense for SWIP’s UK team to manage this fund going forward, in line with SWIP’s other UK small cap assets.”
The fund will be co-managed by Gregor Macdonald and Andrew Paisley, investment directors in SWIP’s UK equity team. They are also responsible for the SWIP UK Smaller Companies fund and the SW UK Smaller Companies fund.
Three multi-manager funds previously been run by Russell Investments were brought back in-house in July 2010 while US high yield assets, which had previously been managed by Mackay Shields, were brought back in April 2011.
A spokesperson for Scottish Widows has said that no other funds are being considered for a similar repatriation at this time.