Scottish Widows Investment Partnership (Swip) is to complete plans for the rationalisation of its fo...
Scottish Widows Investment Partnership (Swip) is to complete plans for the rationalisation of its four unit trust ranges into one by the autumn and has been market testing portfolio ideas with intermediaries, writes Fiona Henderson.
As part of the rationalisation Swip is looking to continue to offer funds in each of the Autif sectors so as to feature a broad based range but is not planning to launch any sector or style based funds. Swip has just completed its management restructuring in order to prepare for the rationalisation.
Currently the house has a range of 96 funds, which are to be integrated under an Oeic structure to around 50 funds by September.
Over the past six months, Sandy Nairn, chief investment officer at the group, has been reviewing the range. He has addressed the way stock research is conducted because he felt that there was not enough macro and micro balance in the approach to portfolio construction. Throughout the review and the previous six months, more than 40 investment managers have been recruited, excluding analysts, bringing the team total up to 112.
The restructure includes the formulation of the senior investment management team headed by Nairn and the separation of responsibilities for stock selection and portfolio management.
This senior investment team comprises Graham Wood as head of research and international equities; David Erskine, head of research for UK & European equities; Graham Campbell, head of retail portfolio management; Andrew November, head of institutional portfolio management; Tom Laidlaw, head of property; Alan Reid as head of global bonds and Tony Walley as head of trading.
For each desk there will be three distinct roles, a research director, a head of retail portfolio management and a head of institutional portfolio management.
Bill Main, chief executive officer at Swip, said: 'This structure places greater emphasis than ever before on the need for quality, fundamental stock research and through the creation of separate portfolio management teams, aligns this to the need for clear accountability and control over client portfolio management.'
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