Swip to close five funds
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Scottish Widows Investment Partnership is closing five funds as part of a wider review of its international equities offering.
The group is closing its Swip £10.5m pan-European equity, £14.7m pan-European SRI equity and £15.2m Asia Pacific funds after a number of redemptions following a review by certain institutional investors of their asset allocation into the vehicles.
Swip says the redemptions will substantially reduce the funds’ net asset value and make them commercially unviable.
Swip is also closing its £13m Japanese smaller companies and £25.5m US smaller companies funds as the group has decided not to review its geographically focussed smaller companies strategy going forward.
Swip says the move is part of its plans to concentrate its effort on global developed, global emerging markets, Europe, Australasia and the Far East as well as its European alpha mandates within its international equities teams.
Swip says it remains committed to its international equity business and that the managers of the funds concerned will remain with the firm as part of the team-based approach. Swips says the move is not related to the strategic review made by its parent Lloyds Banking Group.
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