EDINBURGH fund management partnership Baillie Gifford has introduced equal parental leave of up to one year.

Baillie Gifford, which employs 1,128 people and has assets under management and advice of £173.3 billion, emphasised that any employee, irrespective of gender or length of service, could take advantage of the parental leave policy.

The investment house, which has achieved very strong growth in recent decades, noted the first 26 weeks of leave would be at full pay and the following 13 weeks at half pay.

It described this as a “significant improvement to the current policy which was already well ahead of statutory requirements”.

Baillie Gifford, which manages a raft of investment trusts including the giant Scottish Mortgage, noted that parents taking such leave would continue to receive holidays and benefits.

Lynn Dewar, a partner at Baillie Gifford who chairs the fund management house’s diversity and inclusion group, said: “The new policy offers equal rights to all working parents after a child’s birth or adoption. As a fair and progressive employer, this is part of our commitment to supporting gender equality and improving diversity across the firm.”

Tim Alcorn, head of investment risk at Baillie Gifford, plans to take more than three months of parental leave when his second child, due later this month, is born.

Mr Alcorn said: “This is a fantastic opportunity for us to spend this precious time together. I can support my wife, Souzan, and help take care of our new baby as well as our son Alexander, age four.

“With this generous policy, Baillie Gifford has set out a clear, industry-leading position which embodies the culture of the firm.”