Swip moves a billion of internal cash to help cut the cost of its outflows

Scottish Widows has transferred more than a billion pounds of internal money from its Oeics into similar unitlinked vehicles. The reduction in the value of money held within poor performing retail Oeics ends Scottish Widows and the Scottish Widows Investment Partnership's (Swip's) reign as the group with the most poor funds by value of assets under management in Bestinvest's Spot the Dog list, to be released this week. Andy Frepp, director of sales and marketing at Swip, said its subfunds contained money from Abbey Life unit-linked funds, which were seeing net outflows rather than inflows...