Scottish Widows Investment Partnership (SWIP) reported strong growth for the first half of the year with profits up 24% to £21m and an increase in external gross new business of 58% to £1.4bn. Total funds under management for the asset manager now stand at £98bn.
SWIP says profits have been boosted by continuing success in both the UK retail and institutional markets. This includes the launch of several innovative new funds over the past 14 months, and the successful expansion of its international business, with inflows coming from across Europe, the US and Japan. Strong fund performance has driven SWIP’s third party retail sales in the first half of the year with the group announcing gross new business has more than doubled with an increase of 116%. A lowering of the minimum investment on SWIP’s OEIC range 18 months ago and the establishment of a...
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