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The move follows on from Mr Elsmark's resignation from FundQuest, the multi-manager and fund selection arm of France-based BNP Paribas Investment Partners, three weeks ago.

Mr Elsmark is expected to begin his new role in October.

As managing director for Europe, Mr Elsmark will report to Simon Wombwell, director of sales and marketing at Swip.

His responsibilities will include expanding Swip’s European client base and fostering relationships with pension funds and investment consultants.

In addition to developing client relationships and building on Swip’s expansion into European markets including Italy, Germany, Scandinavia and Spain, Mr Elsmark will also be charged with strengthening partnerships with banks and retail distributors.

Mr Wombwell said Mr Elsmark's appointment reflected Swip’s ability to "attract great talent" and represented continued progress in the company's strategy of "developing a top-class international business team".

At FundQuest, Mr Elsmark had been managing director and played an integral role in the company's recent partnership with Sinfonia Asset Management, launched in January.

Under the terms of the partnership, FundQuest took charge of six funds of funds portfolios launched by Sinfonia as part of its push into the UK retail market.