MacLeod quits Martin Currie

ALLAN MacLeod, one of two managing directors of boutique fund manager Martin Currie, has left the business. Andy Sowerby, the firm's remaining managing director, confirmed MacLeod's departure but declined to give a reason.

Both MacLeod and Sowerby held the same title of managing director of sales, marketing and client service and were considered as likely successors to the firm's chief executive, Willie Watt.

The company is not seeking a replacement for MacLeod, who was with Martin Currie, for 21 years and was closely associated with its Chinese and Far East investment strategies, including the recent launch of the Lyxor/Martin Currie China Dragon Fund. He also led the growth of the firm's hedge funds business since 2000.

MacLeod joined Martin Currie's executive board in 2003. He made headlines when he witnessed the tragic events of 9/11 from near to the World Trade Center in Manhattan.

As revealed by Scotland on Sunday, the Edinburgh-headquartered business, which is majority employee-owned, has recently experienced problems related to an investment in a Chinese printer cartridge firm, Ugent Holdings, which it had invested in on behalf of US-based mutual China Fund Inc.