Lloyds to focus on Swip business

In a strategic review of its asset management business, Lloyds has sold the external assets of Insight for £235m and will move the approximately £42bn of retained assets over to Swip. Lloyds says Swip will become "a centre of excellence" for the group's asset management activity and will have about £125bn in assets under management after the Insight deal. The group intends to transfer to Swip the investment management of the funds sourced from its Halifax and Bank of Scotland bancassurance businesses, the Bank of Scotland wealth management operation and the Clerical Medical intermedia...