Tim Scholefield, former head of international equities for Scottish Widows Investment Partnership, left the company last week following a restructuring, according to a company spokeswoman. The departure coincided with the company's decision to split the international equities team into two groups, one focusing on emerging markets and the other on developed economies. The spokeswoman said the change was not tied to performance. It is not clear whether Mr. Scholefield, who had worked at SWIP since June 2003, is joining another company. Kim Catechis, formerly investment director of global emerging markets, was named head of emerging markets and will be responsible for managing £1.5 billion ($2.6 billion) in assets, according to figures as of June 30. The company has begun searching for a head of developed markets who will oversee £5.3 billion in assets. SWIP managed £87.5 billion in total assets as of June 30.
Paul Myners was named chairman of the British Low Pay Commission, according to a news release from the U.K. Department of Trade and Industry. The commission is responsible for recommending the minimum wage in the United Kingdom. He replaced Adair Turner, whose term expired. Mr. Turner is head of the U.K. Pensions Commission, which late last year issued a report on pension reforms. Mr. Myners, former chief executive of fund manager Gartmore Investment Management who later separately led a review of U.K. pension funds, will be asked to evaluate the impact of the minimum wage on pay, employment and other social and economic implications. Mr. Myners is currently chairman of both the Guardian Media Group and retail company Marks & Spencer. He is also a member of the Court of the Bank of England.