Baillie Gifford suffers £113bn assets fall in 2022 following growth rout

Driven by poor investment performance

Assets under management at Baillie Gifford plunged more than £100bn last year after a new higher interest rate environment sparked a move away from growth stocks.

The Edinburgh-based asset manager, a prominent growth investor, saw its assets drop by a third, from £336bn at the end of 2021 to £223bn at the end of 2022, it confirmed to Investment Week. Poor investment performance across its portfolios was the main driver behind the fall. Net client outflows accounted for around £20bn, £3.6bn of which was UK retail, the firm said.  Last year saw a reversal in the highly supportive macroeconomic environment that had benefited growth stocks over the past decade, and markets began to discount the impact of higher inflation and interest rates on long ...