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Swip multi-manager team merges with Lloyds team

Swip has confirmed the merger of its multi-manager team with the long-only manager selection team from parent Lloyds Banking Group’s international wealth management business.

Swip moved into the multi-manager space in 2007 after hiring a five-strong team, led by Mark Harries, from Cazenove.

A Swip spokeswoman says: “We can confirm that the long-only manager selection team from the international wealth division and Swip’s multi manager team have merged.

“By bringing the teams together, under the leadership of Mark Harries, Swip’s head of manager selection, we can not only continue to deliver innovative investment solutions and excellent service for clients, but also leverage the best of both teams’ capabilities across client segments and geographies.”

The move has prompted fund rating agency Morningstar OBSR to place the Bronze ratings previously held by the £90.1m Swip Multi-Manager Diversity and £16.4m Swip Multi-Manager Select Boutiques funds under review.

“The multi-manager team at Swip have recently been affected by a restructuring and have merged with a Geneva based wealth management team, which is also owned by the Lloyds Banking Group.” reports Morningstar OBSR.

“While the UK based team managing the funds remain intact and focused on the management of the funds, their fund research universe is expected to increase to support the wider wealth management group and asset allocation for the funds will now follow the house view.”

Earlier this year, the asset manager announced an overhaul of its equities business.


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