Despite the current trend towards mergers and acquisitions, and increasing consolidation among fund management houses, Scotland's Baillie Gifford continues to praise the virtues of independence and its partnership structure.

Last year, to prove its point and to stifle suggestions that it is about to be taken over or sold, the firm held a debate with consultants on the subject, reaffirming its stance. The subject of the debate was: 'This house believes that, for an investment management company, an independent partnership structure is superior to other forms of ownership.'