Andrew Fleming, chief executive of Scottish fund manager Kames Capital, is leaving the firm with immediate effect, it was announced yesterday. Sarah Russell, chief executive of Kames' parent Aegon Asset Management, will oversee the firm on an interim basis while a new chief is found.

Fleming has led Kames Capital for eight years. The business, which accounts for slightly under a quarter - €62bn - of Aegon's total €250bn under management - was formerly known as Aegon Asset Management UK but got its own brand identity in July 2011, naming itself after a Scottish village.