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Swip will run 150m Isle of Man portfolio

Scottish Widows Investment Partnership has won a 150m mandate from the Isle of Man government to manage a portfolio of assets for its National Insurance investment account.

Swip will aim to outperform the Bank of England base rate by 2.5 per cent a year over rolling three-year periods.

The portfolio will be managed on an absolute return basis. Head of global strategy Ken Adams, who will be overseeing the portfolio, will be working with Swip’s equity, bond and cash teams to seek to add value by investing on a global basis.

Swip was appointed following a tender process which was part of the Isle of Man government’s five-yearly external investment review.

Swip head of UK distribution Simon Wombwell says: “We are delighted that the Isle of Man government has recognised Swip’s capability in managing absolute return mandates with their decision to invest with us.

“This bespoke portfolio is designed to be highly risk-efficient and we will use Swip’s ability to add value through tactical allocation decisions and active stock selection.”

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