SWIP toasts 24pc profits boost

The asset management arm of Lloyds TSB continues to expand, with external gross new business increasing by 58pc to £1.4bn and total funds under management standing at £98bn. SWIP has seen an extended run of success in UK retail and institutional markets, with the launch of a series of new funds over the past 14 months, and successful expansion of its international business, with inflows coming from across Europe, the US and Japan. Its standing within the Lloyds TSB Group has also expanded, with SWIP now managing in excess of £6bn on behalf of Lloyds TSB Private Bank, up 61pc from June...