View more on these topics

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.



Phoenix holds with-profits bonuses at ‘low or nil’

Phoenix has held annual with-profits bonus rates at “low or nil” for the majority of policyholders as the closed-book provider targets higher final bonus payouts. Phoenix manages 13 different closed with-profits funds. It has frozen annual bonuses, which provide investors with guaranteed growth, across most of these funds. The amount of final bonus the firm […]


Sanlam acquires two more IFA businesses

Sanlam Private Wealth has acquired two new IFA businesses for an undisclosed sum. The firm has bought Professional Connection, which has 500 clients and £71m under advice and Berkeley Associates, a firm with over 450 clients and £26m in advised assets. Sanlam UK head of marketing Giles Cross says: “Sanlam will continue to offer owners […]

Alan Lakey MM blog

Alan Lakey: The RDR’s stated aims and where we are now

Just seven weeks into the year and the repercussions and inadvertent consequences of the RDR are already cementing into place. Matrix Solutions recently announced that the numbers of regulated financial advisers fell by 15.4 per cent in the three months between November 2012 and February 2013. Those with long memories, like some of my fellow […]

Tech IPOs: The outlook in 2017

Ali Unwin, CTO & Fund Manager, Neptune 2016 was a weak year for technology IPOs – only 13 US venture-backed tech IPOs hit the market, in spite of fairly high public market valuations and investor appetite. Will 2017 be different, asks Neptune CTO & Fund manager Ali Unwin. Click here for article Important Information Investment risks Neptune […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm