Harry Nimmo, who runs Standard Life's £360m UK Smaller Companies fund, has made it four in a row at the head of The Herald's table of top-performing asset managers with Scottish investment houses and is top UK-wide for a second straight month.

In stark contrast, two former Scottish table leaders, Artemis's Philip Wolstencroft and Baillie Gifford's Kenneth Barker, were relegated when the latest performance figures for the three years to January 31 were compiled by financial publisher Citywire.

David Clark, manager of Resolution Asset Management's Smaller Companies fund, meanwhile retained second spot both in the Scottish top flight and UK-wide when the latest figures were tallied.

Clark had late last summer ended Nimmo's previous record-breaking, 10-month Scottish reign to spend two months at the top of The Herald's table himself.

Although Nimmo then turned the tables again, Clark has since remained within a hairsbreadth of his fellow smaller companies fund manager.

Stephen Adams, manager of Aegon Asset Management's UK Equity fund, is the pair's nearest challenger in the Scottish top flight. However, his UK-wide position slipped from 13th to 15th when the latest performance figures were compiled.

Philip Wolstencroft, who last headed the Scottish top flight about three years ago and runs Edinburgh and London investment boutique Artemis's European Growth fund, saw his UK-wide ranking slide from 202nd to 232nd when the figures to January 31 were compiled.

In spite of Wolstencroft's drop, Artemis remained the Scottish investment house with the greatest number of Citywire-rated managers. It has six.

Baillie Gifford and Resolution Asset Management had been only just behind Artemis's total a month earlier of seven rated managers, but both of these investment houses suffered relegations when the latest Scottish top flight was compiled.

Kenneth Barker, who runs Baillie Gifford's Corporate Bond and High Yield Bond funds, faced the drop from the Scottish top flight as his UK-wide ranking fell from 152nd to 236th.

Michael Brewis, manager of Baillie Gifford's American fund, was also relegated as his UK-wide ranking slipped from 158th to 220th.

Graeme Johnston, manager of Resolution Asset's Managed Trust, lost his place in the Scottish top flight as his UK-wide position deteriorated from 114th to 237th.

Going in the other direction in some style was Angus Tulloch, manager of First State's Asia Pacific Sustainability, Asia Pacific, Asia Pacific Leaders, Global Emerging Markets, and Global Emerging Markets Leaders funds.

He just made it into the Scottish top flight with a leap in his UK-wide ranking from 368th to 207th.

Peter Cockburn, manager of Scottish Widows Investment Partnership's UK Opportunities, UK Growth, UK Select Growth, and UK Advantage funds, re-entered the Scottish top flight with an improvement in his UK-wide ranking from 282nd to 159th.

Scott McKenzie, who runs the Martin Currie UK Equity Income fund, made it back into the Scottish top flight with a jump in his UK-wide position from 235th to 186th.

Evan McCulloch and Vincent Xiang, managers of the Franklin Biotechnology fund, were the other re-entries with an improvement in their joint UK-wide placing from 267th to 188th.

The Herald-Citywire survey focuses on open-ended funds aimed at retail investors. It does not cover managers of investment trusts or funds for which the minimum initial investment is more than £10,000.

Rankings are based on three-year, risk-adjusted performance against relevant benchmarks.

Fewer than one-fifth of fund managers in the UK qualify for one of the 211 Citywire ratings.