flagship investment vehicle, All Points Multi-Manager after the UK portfolio did not perform as well as expected.

Edinburgh Fund Managers, one of the UK's fastest growing investment houses, will now take over management of the UK Equity portfolio from Baring Asset Management this month.

Launched in May 1999, the All Points Multi-Manager aims to provide clients with superior returns long-term and has $1 billion of funds. Wayne Chapman, senior vice president of investment services at the bank, said: "We did not take the decision to select a new manager lightly, but, out of our eleven different portfolios, the UK Equity Portfolio has been the one that has not performed as well as we would wish.''