His successor will be Tim Campbell, who has been with the firm for 25 years and a partner for 12.

Malcolm MacColl, a fellow managing partner, said: “Our independent, private partnership fosters stability and enables us to prioritise our clients’ interests through long-term succession planning while preserving our distinctive culture.

“Tim’s appointment follows a diligent leadership transition process that has been in motion for some time.”

Amy Atack, fellow managing partner, added: “Andrew’s career has been both long and diverse. As a managing partner, he has been at the heart of the firm’s growth and our strive for excellence in investment, always putting our clients first.”

Andrew Telfer joined the Edinburgh-headquartered global investment manager in 1992 as an investment trainee, becoming an investment manager in the Emerging Markets team before moving to the Clients Department in 2006. He was head of the Clients Department between 2009 and 2011 and became a managing partner and CEO in 2012.

“I’ve had a long and fulfilling career at Baillie Gifford. As I announce my intention to retire next year, I’m extremely confident in Tim’s ability, together with the rest of the partnership, to lead our business into the future,” commented Andrew.

“It’s interesting to reflect on how much has changed,” he added. “When I became a managing partner in 2012, the firm managed £77bn mainly for institutional clients. Today, our client base is more varied, and we have offices worldwide. Despite our growth, our focus on investment excellence and commitment to our clients hasn’t changed. Tim’s wealth of experience and unwavering motivation are invaluable assets to our firm and clients.”

Tim Campbell began his career at Baillie Gifford in 1999 as an investment trainee, becoming an investment manager in the Emerging Markets Team. In 2007, he moved to the Clients Department, overseeing relationships with clients invested in Emerging Markets strategies. Tim was made a partner in 2012 and currently chairs the firm’s Management Committee and Group Risk Committee.