Investment guru heads for RBS role

ROBERT Waugh, the renowned fund manager at ScottishWidows Investment Partnership, is leaving the firm. <br /><br />Waugh, who has managed the UK equity team at the Lloyds Banking Group insurer for the last six years, is thought to be joining Royal Bank of Scotland.<br /><br />When he took over the UK fund&nbsp; range in 2003 it had a giant &pound;22.6bn of assets under management, making Waugh one of the most important stock pickers in the business. <br /><br />That figure has fallen to &pound;16.7bn in the credit crunch, but the 13-strong equities team is still one of the most important desks in the business, managing large institutional portfolios like the funds of pension giant Scottish Widows. <br /><br />Waugh&rsquo;s performance at Swip has slipped of late. His Absolute Return UK Equities fund, which aims to deliver growth regardless of market conditions, has reported losses of around 12 per cent over the last three years, compared to an average 5.7 per cent growth rate among its peers. <br /><br />Peter Cockburn, the group&rsquo;s investment director for UK equities, is to take over on an interim basis before a permanent replacement is found. <br /><br />Waugh joined Swip after being poached from Edinburgh Fund Managers, where he ran the retail and institutional business for two years. <br /><br />Prior to that he spent fifteen years at Philips and Drew Fund Management, ascending to the rank of head of specialist UK equities. <br /><br />Dean Buckley, managing director at Swip said: &ldquo;We thank Robert for his contribution to Swip over the years and wish him well for the future.&rdquo;