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Swip suffers £6.6bn of outflows due to ‘lack of confidence’ in the industry

Swip increased its Funds Under Management by nearly 4 per cent over 2012, from £182bn to £189.1bn, although it suffered net outflows of £6.6bn it attributes to a “lack of consumer confidence” in the investment industry.

The investment arm of Lloyds saw inflows of £12.9bn in its internal, external and “other’ businesses, which include St James’s Place, through 2012. However there were combined outflows of £19.5bn. Only the “other wealth’ part of the business, primarily SJP, saw net inflows through the year.

Overall, FUM increased by £7.1bn to approximately £189bn in 2012, due to improved by investment markets, according to Swip.

A statement from Swip says: “We have seen an increase in the level of outflows in the year, in part reflecting a lack of consumer confidence in investment products across the industry. Outflows in Swip also consist of attrition within the insurance funds and strategic asset allocation decisions.”

Core underlying profit across Swip’s Wealth, Asset and International business rose by 27 per cent, to £459m in 2012. Profit in Wealth business also grew by 25 per cent to £358m, along with a 10 per cent increase in Asset Finance.

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