UK - Scottish Widows Investment Partnership (SWIP) has increased its assets under management (AUM) by 6% to £82bn, garnering £2.1bn of gross new business in 2004.
The company said that a sizeable portion of this new business came from institutional sales, in particular fixed interest.
Pre-tax profit increased to £8m, compared with £1m in 2003, reflecting improved market performance and increased revenues from new business.
Andy Frepp, head of sales and marketing at SWIP, said: 2004 was a year of growth for SWIP. We expanded the range of products available directly to external clients and those sold through Scottish Widows and Lloyds TSB.
“We were the first to take advantage of UCITs III rule changes for property funds and launched the SWIP Property Trust, which can invest up to 100% in property. SWIP has also expanded its property investment capability to include the Continent. Earlier in the year we also launched a range of high alpha bond products.
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