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23 Swip jobs go in equities’ shift

Scottish Widows Investment Partnership is cutting 23 roles as it moves to reposition its £54bn equities’ business.

It is cutting its investment team of 38 to 15 managers as part of a move to focus on lower-risk strategies. Under the new model, there will no longer be a UK desk and a global team will focus on active strategies alongside a quantitative team, where all rebalancing decisions will be made electronically.

Four people will be added to the quantitative team of 13 but a spokeswoman declines to confirm what roles they will take on. Swip says it is moving a number of funds to the new quantitative model but refuses to give any details.

A number of smaller regional equity funds that no longer fit with the revised investment strategy or are no longer economically viable will close. The spokeswoman refuses to confirm which funds will be affected.

Head of UK equities Peter Cockburn’s role will no longer exist but the spokeswoman refuses to confirm if he is leaving the business. Swip has stepped down from the management of the £30m select trust managed by Cockburn.

Swip has confirmed UK equity managers James Clunie and Andrew Paisley, small-cap manager Gregor MacDonald and real estate manager Vicky Watson are staying at the firm.

Managing director Dean Buckley says: “We remain committed to active fund management in those markets where we have confidence that we can generate strong investment performance and build long-term, valuable relationships with clients.”

Skerritt Consultants head of investment Andrew Merricks says: “There has always been uncertainty over Swip’s commitment to the retail market and its retention of fund managers, so this move does not come as a great surprise.”

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