Swip to run TU trusts
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TU Fund Managers has appointed Scottish Widows Investment Partnership to manage its unit-trusts from December 1.
The move comes after current manager Insight served notice to TU Fund Managers after Lloyds Banking Group said it was to transfer parts of Insight Investment Asset Management to BNY Mellon, with other operations passing across to its Scottish Widows’ arm.
TU has two unit trusts, the £40m British and £36m European funds. The annual charge of the European trust will rise from 1 to 1.25 per cent from January 1, 2010.
Insight has managed the TU funds since 2002.
TU Fund Managers general manager Marion Colverd says: “No details are finalised on who will run the funds at Swip yet but for us it is like going home given that we were previously part of Hill Samuel until 2000, which is part of Lloyds TSB, so we know a number of people there.”
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