Edinburgh-based Swip (Scottish Widows Investment Partnership) has announced a shift in focus from the management of UK equity funds.
The firm, the asset management side of Lloyds Banking Group (LBG), will instead concentrate primarily on investments in the global arena and in more specialist areas. The result of the reorganisation will see 23 jobs being lost, mostly in senior positions.
Additionally, Swip will move its core business to lower-risk investments, where financial modelling is the primary determining factor. This is a move which could offer a greater use of facilities such as invoice discounting and invoice factoring.
Customer demand is calling for a change in direction from the firm and many business leaders believe lending through factoring options to be a viable opportunity to be exploited.
Announcing the news, Swip’s managing director stated:
“Swip recognises the changing needs of our clients and will offer solutions that fulfil their diverse investment needs.”
Dean Buckley went on to add:
“…for some of our clients, a lower-risk approach to investment is more appropriate for their needs.”
As part of the reshuffle, the UK head of equities, presently a position occupied by Peter Cockburn, is to go. He has also not been retained in another position.
New posts will be created in the quantitative modelling investment side, which already accounts for half of the £54billion worth of equity investments managed by the firm.
The announcement is hoped to realise significant growth and strength for the company which, up until very recently, was a prime candidate to be sold by LBG.