Christine Montgomery has quit Scottish Equitable Asset Management as head of equities to join rival UK fund manager Franklin Templeton Investments.

Scottish Equitable has recently been plagued with performance problems in UK equities. Its £4.3bn (€6.8bn) UK equities pooled fund returned 3.6 percentage points below median last year and has been underperforming against the FTSE All-Share index for the last three years, according to the Caps Pooled Pension Fund 2000 survey. The fund was ranked 40 out of 55 this year.