Baillie Gifford CEO Tim Campbell has offered 1,600 UK staff a voluntary exit programme as the £200bn asset manager pivots from traditional pension mandates toward faster-growing segments. The Edinburgh-based firm, founded in 1908, is targeting family offices, US and Asian intermediary channels, and private assets — areas where client demand is rising while active UK equity flows dwindle. Unlike redundancies, the voluntary scheme lets the firm retain roles and reshape them, a distinction Campbell emphasized in a recent all-staff meeting.

The move mirrors broader industry upheaval: investors are rotating into passive products and private markets while shunning active UK equity strategies. Baillie Gifford already cut fewer than 50 roles in early 2024; this is its first voluntary exit offer. Rival Wellington Management ran a similar programme in September 2024, framing it as flexibility for long-tenured staff while funding strategic investments.

Meanwhile, Baillie Gifford is hiring. Its private companies division has expanded from 17 to 25 professionals, with 98 external hires last year and 30 more in 2025. The firm argues adaptation is essential — "standing still is not an option" — but the voluntary exits signal confidence that reshaping the cost base can fund growth without forced layoffs.