Scottish Widows Investment Partnership (SWIP) has outlined the shape of its restructured equities offering.
According to SWIP's recently appointed head of global equities Will Low, the revised product range will offer high alpha equity portfolios, alongside a range of ‘enhanced passive', ‘diluted' versions of the high alpha products, eliminating the ‘medium alpha' products.
"We think there is an advantage in being pure to what you are trying to do when you are investing clients' money, rather than having a schizophrenic existence," said Low.
The high alpha range will include global equities mandates, one with a completely global focus, a global ex-UK, global ex-Japan, and a global ex-US fund, alongside the £30m UK Flexible Strategy fund run by James Clunie (pictured).
"We want to grow and excel in high alpha equities and focus on where clients' money will be flowing. Typically this will be in the global equities rather than regional equities," he said.
However, despite SWIP's move away from regional desks, Low said specialist products will still be run in the key geographies including Europe, the US and the UK.
At present SWIP offers an expansive range of region specific equity funds, in addition to products which focus on UK equity income and UK smaller companies. The group said in April some of these funds will either be closed or converted to ‘enhanced passive' but is yet to confirm the details.
SWIP first announced changes to it £54bn global equities offering in April, when the firm said it would be restructuring the team due to changes in client demand and culling 23 investment roles from its 35 strong team.
"Our main clients' requirements have changed, like many life companies, in terms of how much they have in equities, how they want to structure those equities and in terms of the levels of volatility that are acceptable," said Low.
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