Swip has stepped down from management of the £30m UK select trust managed by head of UK equities Peter Cockburn.
The trust has been managed by Cockburn since 2004 and will continue to be managed by Swip for up to six months.
In a statement to the stock exchange, it says: “Scottish Widows Investment Partnership is to terminate the investment management agreement.”
It adds: “Swip has confirmed that it will continue to manage the company for the duration of the notice period, expiring on October 18, 2012, or such shorter period as Swip and the board may agree.”
Swip announced last week that it is making a net reduction of 23 roles out of its 38-strong investment team.