The manager of the £1.1bn Baillie Gifford UK Equity Alpha fund is set to retire next April after a 30-year stretch with the firm.
Gerard Callahan joined the firm in 1991 and became a partner in 2000. He has since served as lead manager of Baillie Gifford's UK Alpha Strategy for more than 20 years. He has also chaired the firm's International All Cap Strategy.
The UK Equity Alpha fund, set up in 1995, has since grown to £1.1bn in size.
To bridge Callahan's departure, Baillie Gifford's investment manager for its UK equities strategy, Milena Mileva, will join Callahan as a co-manager for the UK Alpha strategy.
This will also see her take on the role of lead manager next May, and join the the firm's International All Cap Strategy when Callahan retires.
Alongside Callahan, Angus Franklin, who has served 27 years at the Edinburgh-based firm and is one of seven partners managing Baillie Gifford's International Alpha Fund, is also set to retire.
Chris Davies, an investment manager for the firm's European strategy, will become a manager for the International Alpha strategy upon Franklin's departure next May.
Lynn Dewar, head of Baillie Gifford's UK clients team, is the third partner to leave next year. She joined the investment manager back in 1992, and will also be leaving the firm next May.
Also the chairwoman of the diversity and inclusion group, she was one of several employees who oversaw Baillie Gifford's decision in April 2019 to introduce equal parental leave for all employees, regardless of their gender or how long they've been at the firm.
Andrew Telfer, the firm's joint senior partner, said: “Gerard, Angus, and Lynn have each made a substantial contribution to the firm, helping shape Baillie Gifford into the forward-thinking and inclusive organisation it is today.
“While they will be greatly missed by clients and colleagues, their retirement allows others the opportunity to take on new roles and responsibilities, driving progress and innovation across the firm."
He added: “We believe that succession planning is a key strength of Baillie Gifford’s partnership model. It allows us to invest in talent and take a truly long-term approach, ensuring our clients’ interests are always put first.”
Baillie Gifford currently houses 47 partners, with new partners set to be announced in January.
Nafeesa Zaman is a freelance reporter for FTAdviser