Swip posts £7.6 billion fall in assets under management

Assets under management at Scottish Widows Investment Partnership fell by £7.6 billion to £90.2 billion over last 12 months, results for the company have shown.

Swip attributed the loss to steep falls in value seen across all its principal asset classes such as property, equity and bonds over the period.  

Including assets held by third parties, such as Swip’s UK wealth management and international private client banking groups, funds fell by 5% to £115 billion.

Performance has also faltered over the past year. The company has just four rated managers in the UK significantly less than direct rivals JP Morgan and Jupiter on nine each and Schroders and Artemis on eight each.  

Rory Hammerson of the Swip Pan European Equity and Pan European Smaller Companies funds, is the only Swip manager to hold an AAA-rating.

The multi-manager team of Simon Wood and Simon Wood, who are both AA-rated and SWIP UK Opportunities A Acc manager Peter Cockburn, who is A-rated, are the only other members of the Swip stable which qualify for Citywire rating.