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Swip and Lloyds TSB in portfolio deal

Scottish Widows Investment Partnership and Lloyds TSB Private Bank are setting up a discretionary investment management service offering tailored funds for clients.

The Investment Portfolio Service will offer bespoke funds built around clients’ individual needs, using a combination of Swip-managed equity, bond and property funds as well as third-party multi-manager portfolios from Russell Investment Group.

Lloyds TSB Private Banking is open to individuals with 250,000 in assets or with an income over 250,000 but the investment portfolio service will be aimed at people with 175,000 or more in collective investment funds.

Its private banking clients are charged a 15 monthly account fee unless they maintain a balance of over 5,000 or at least 175,000 in its managed fund proposition. Cash on deposit with Lloyds private banking arm earns 4 per cent interest before tax.

Lloyds TSB is also looking to expand its private banking arm beyond the 29 branches through which it is currently offered, over the course of the year.

Lloyds TSB Private Banking managing director Mark Cheshire says: “The close relationship we build up with clients enables us to understand their financial priorities, allowing us to provide them with a holistic banking and investment service.

“Not only does this encompass traditional banking, including tax and inheritance planning but it also allows us to provide, specifically, for their investment needs. Through this new partnership with Swip, we are adding to this by offering funds designed to meet our clients’ needs.”


School’s out

After a flurry of activity a year ago on formulating a public education strategy on investment, all seems to have gone quiet.


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