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Lloyds shuts Swip regional equity fund desks
by Dylan Lobo on Apr 13, 2012 at 07:28
Lloyds Banking Group is closing down its regional equity fund desks at its Scottish Widows Investment Partnership subsidiary.
The regional desks will be replaced by a single global desk, which will structure its investment strategies around the firm's quantitative trading strategies.
The quant team, which was created in 2007, is headed by Sean Phayre and manages in excess of £27 billion. It specialises in efficient portfolio construction with the aim of delivering maximum returns for investors for a given level of investment risk.
The move will see the number of fund managers employed slashed from 38 to 15 with a number of funds in the firm’s £28.6 billion range likely to be shut down as a result.
Swip said it was in the process of transitioning a number of funds to the new equities strategy, which will result in the closure of a number of smaller equity funds that no longer fit with the revised investment strategy.
Following the repositioning, the equities business, alongside real estate, fixed income and the multi asset businesses, will be fundamental to the future growth of Swip.
Swip director of equities, Andrew November will drive forward the strategy. Will Low continues in his role as head of global equities which now includes responsibility for UK small cap, real estate securities and absolute return.
Meanwhile Tony Whalley continues to lead the equities dealing team and Anne Fraser will remain in her role as head of governance.
Jobs under threat include UK equity head Peter Cockburn (pictured), who runs the Swip UK Opportunities fund. The future of Citywire A-rated Catie Wearmouth, manager of Swip European and Swip Pan European Smaller Companies is also uncertain.
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