BAILLIE Gifford veteran Charles Plowden is to retire from the Edinburgh investment house next April, and will be succeeded in his joint senior partner role by Malcolm MacColl.

Mr Plowden has been with the Edinburgh investment partnership, which employs 1,317 people and has funds under management of £198 billion, for nearly four decades and manages the £2bn Monks Investment Trust.

Mr MacColl, who is deputy manager of Monks, joined Baillie Gifford in 1999 and became a partner in 2011.

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Baillie Gifford highlighted the part played by Mr Plowden in the investment house’s growth, flagging his role in the UK equities team and as leader of the investment department. The partnership also highlighted Mr Plowden’s part in the investment house’s “Global Alpha Strategy” since this was launched in 2005.

It describes Global Alpha as a “best-ideas portfolio seeking to invest in about 100 great growth companies from around the world”. This involves looking for “companies that can grow at a minimum of 10 per cent per annum” and owning them for at least five years. The strategy has £33.7bn in assets under management, Baillie Gifford noted.

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Andrew Telfer, Mr Plowden’s fellow senior partner, said: “Charles joined Baillie Gifford 37 years ago and has been at the heart of the firm’s growth, notably in the UK equities team, the Global Alpha Strategy and as a leader of the whole investment department. This is a remarkable achievement in today’s age. Most importantly, he has generated excellent investment returns for clients.”

Baillie Gifford said Mr Plowden would manage the Global Alpha Strategy, the Global Alpha Growth Fund and Monks until April 30, 2021. At that stage, Spencer Adair will step up to become lead manager of Monks. Mr MacColl will continue as both manager of the Global Alpha Strategy and deputy manager of Monks, the investment house noted.