UK - Scottish Widows Investment Partnership, the fund management arm of Lloyds TSB, has posted a 59% increase in new business in 2003.
The firm said that during last year, its new business was up 59% over its 2002 results to £2bn. SWIP’s total assets under management at the end of 2003 stood at £77bn, compared to the £70bn it had the previous year.
PTL has appointed Karein Davie as a client director in its Birmingham office.
The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.
UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.
The number of DB pension scheme trustees targeting a buyout with an insurer has increased significantly in the past five years, latest research from Willis Towers Watson shows.