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Swip loses another big client

Scottish Widows Investment Partnership has been hit by the loss of another major client. The Port of London Authority withdrew a mandate for its £300 million pension fund. This is the sixth major client Swip has lost in four months. The Authority says it had concerns about changes in ownership following its merger with Lloyds TSB last year. Poor performance was another major factor for the switch. The Authority is splitting its management between Deutsche Asset Management and Morley Fund Management.

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