Baillie Gifford announced it has joined the Independent Investment Management Initiative (IIMI) in the UK — a group for “investment boutiques” — saying that “industrialisation of the investment industry has led it far from its origins.”

Edinburgh-based Baillie Gifford has roughly £210 billion of assets under management and advice.

The IIMI describes itself as a “member-led industry think tank representing specialist, entrepreneurial investment boutiques that are entirely focused on and aligned with the interests of their investors.”

It says it is comprised of “over 50 leading independent asset management firms from the UK and the continent, managing over $500 billion and employing several thousand people.”

Baillie Gifford partner Stuart Dunbar wrote on social media: “We have shared goals. Even as our firm has got bigger, we have tried hard to stay true to putting client outcomes ahead of our own growth.

“We have focused on our core strength of deep fundamental company analysis, and resolute in our long termism even as short term events buffet markets, companies and investment performance.

“The industrialisation of the investment industry has led it far from its origins. We look forward to working with IIMI to promote the cause of real world capital allocation.”