At the end of 2011, SWIP held £139.9bn in assets with this figure growing to £141.7bn, an increase of 1.3%, 12 months later.
SWIP is part of the wealth, asset finance and international division of Lloyds Banking Group that includes St James’s Place and Invista Real Estate. The division saw a £7.1bn increase in AUM during the year to £189.1bn.
In its published results, Lloyds Banking Group commented: “Inflows have increased in the year primarily in St James’s Place. However this was largely offset by a reduced level of inflows in SWIP, where we have also seen an increase in the level of outflows in the year, in part reflecting a lack of consumer confidence in investment products across the industry.
“Outflows in SWIP also consist of attrition within the insurance funds and strategic asset allocation decisions.”
The first part of this comment refers to inflows of £12.9bn against outflows of £19.5bn.
Dean Buckley, SWIP’s managing director, pointed out that the firm made major changes to the structure of its equities business, starting in April last year, as well as appointing a new director of its real estate business, Lynda Shillaw.
SWIP also recorded increased pre-tax profits of £108m, up by £9m on 2011, despite what Buckley described as – in contrast to his parent company – “difficult market conditions”.
