THE stewards of international funds have again led the way in The Herald's monthly rankings of best-performing fund managers in Scotland.

Baillie Gifford's Japanese fund stars Sarah Whitley and Matthew Brett were however knocked off the top perch they have held for three months in a row, by Jacob de Tusch-Lec of Artemis. Ranked 84th in the league table of managers across 35 countries ranked by financial publisher Citywire, Mr de Tusch-Lec was May's top-rated equity star at houses with a substantial presence in Scotland. His two funds include Artemis Global Income, underlining the potential of global portfolios aimed at producing income rather than growth. Only 91 managers qualified for the latest rankings, down from 93 in April, 99 in March and 114 in February

The Baillie Gifford duo were still ranked second in Scotland, though their overall position slipped from 111 to 135. David Gait and Jonathan Asante, who manage a range of Asian and emerging markets funds for First State, held on to fourth and fifth places.

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Stephen Snowden at Kames Capital was highest-ranked fixed income manager, though slipping 194 to 216 overall, while the fastest climbers in the leading group were Roderick Snell (299 to 227) manager of Baillie Gifford Pacific and John Macdougall (364 to 240) at Baillie Gifford Japanese Smaller Companies.

The top 10 was completed by Graham Campbell at Saracen Global Income and Growth (297) and Audrey Ryan at Kames, who was the highest-placed manager of a UK fund. Ranked 308 overall, Ms Ryan runs the Edinburgh house's UK Opportunities fund and two ethical funds.

Kames upped its representation from four to six in the latest table, as UK Equity Income fund managers Iain Wells and Douglas Scott raced up the big league from 1,719 to 1,358, while Standard Life Investments was down from 15 to 13, losing Caspar Trenchard and also Bambos Hambi, architect of its successful MyFolio range. Diamond Lee at Ignis, Gerard Callahan at Baillie Gifford, Daniel Leaf at Saracen (stopped managing funds) were the others to disappear from the list, along with Vicky Watson of SWIP. The funds manager just acquired by Aberdeen Asset Management now has only two managers on the list, compared with three in April and seven in March. Ignis, meanwhile, which has also disappeared in the takeover by SLI, still has three top performers, one fewer than in the previous survey.

Martin Currie, which last week announced a sale to Legg Mason but with continued investment-floor autonomy, doubled its representation to two with Global Resources fund manager Ruaridh Stewart in at 1,376.

Baillie Gifford maintained its showing of 22 managers in the rankings as did Artemis and Franklin Templeton, both with 11.

Only five of the Scottish contingent made the top 200 managers in the overall table, all AAA-rated, compared with nine in March.