Mr. Dudley managed the merger of Hill Samuel Asset Management and Scottish Widows to form SWIP, and in recent months he courted controversy with SWIPs parent, Lloyds TSB, by questioning the banks long-term commitment to the asset management business. Mr. Dudley said today, however, that Lloyds TSB remains committed to SWIP.
Its not about whats wrong with Scottish Widows but whats right about Northern Trust, said Mr. Dudley, adding that NT Global is a company where asset management is core to (its) business.
Bill Main, deputy CEO at SWIP, will become CEO; Sandy Nairn was named CIO and will join the group in November from Templeton Investment Management, where he is director of global equity research. Templeton has not yet announced Mr. Nairns successor, said spokesman David Land.