eFinancialCareers

Just how open is the Scottish fund management industry to hiring money managers from south of the border?

A rash of incestuous recruitment among Scottish investment managers suggests it's not really open at all.

David Millar has just signed up to Standard Life Investments (SLI) as head of multi-asset investing, after a spell at Scottish Widows Investment Partnership (SWIP).

Stephen Hall has joined SWIP as investment director, moving from Glasgow-based Resolution Asset Management’s Japanese desk.

When Fidelity set up shop north of the border, rumours were rife that they were going to poach local talent – fears that eventually proved prophetic as Jonathan Cobb jumped ship at SLI and David Urch did the same at SWIP.

Newcomer BlackRock also swiped Nigel Bolton, its head of European equities, from SWIP, and he then took a team of seven with him.

So do Scottish firms favour the talent pool in Edinburgh over UK or international rivals? Or is it a struggle to attract talent north of the border?

Graeme Knox, managing partner of fund management headhunters Knox Consultancy, says it makes sense to hire local candidates while they exist, but that “Right from the word go, searches are conducted with a focus on the UK, and internationally.”

Andrew Hibberts, investment partner at Scottish fund manager Edinburgh Partners, says it might be more a question of luring people up in the first place: “There obviously isn’t the breadth of opportunity here that there is in London because of the scale issue. It’s a relatively small community in Edinburgh, but there’s a definite tendency to stay once you get to know the market here.”

Let us know your thoughts – do local fund managers prefer local talent? Or is there more to it?