Internal FUM fell from £118.2bn at the end of 2010 to £116.8bn at the end of 2011, while internal FUM fell from £28bn to £23.1bn in the same time period.
The wind down of the Invista Real Estate business saw the inflow of £2.4bn of funds into SWIP, but this was not enough to bump up total inflows to the same level as last year.
Inflows into SWIP totalled £12.7bn, versus £17.6bn in 2010, even as outflows fell from £24bn a year earlier to £19.9bn this year.
Earlier this week SWIP topped the Bestinvest list of fund houses with most dog fund assets under management.
The bi-annual report said SWIP had £2.8bn in dog funds, trumping M&G, Schroders, Standard Life and St James’ Place, which made up the rest of the top five.