Baillie Gifford boss steps down after ‘artwashing’ row

Andrew Telfer, the long-serving chief executive of Baillie Gifford, has announced his retirement after over three decades with the Edinburgh-based asset management firm. Telfer, 57, has been a pivotal figure in the company, serving as managing partner and CEO for the past 13 years. His departure is set for March next year, marking the end of an era for the firm, which has been a significant player in the investment sector. Telfer will be succeeded by Tim Campbell, 49, who has been with Baillie Gifford for 25 years, including 12 years as a partner. Campbell's appointment comes at a time when the firm is facing scrutiny over its recent involvement in an "artwashing" controversy linked to its sponsorship of literary festivals. This issue has raised questions about the ethical implications of corporate sponsorships in the arts. Baillie Gifford currently manages assets exceeding £225 billion, making it one of the largest asset managers in the UK. The firm has built a reputation for its long-term investment strategy and commitment to growth. However, the recent controversy may challenge its public image and raise concerns among stakeholders about the alignment of its values with its business practices. As Telfer prepares to step down, the transition to Campbell's leadership will be closely watched, particularly in light of the ongoing discussions surrounding corporate responsibility and the role of asset managers in societal issues.