Scottish Widows Investment Partnership (SWIP) has announced the first casualty of its cost-cutting drive after revealing its intention to wind-up Peter Cockburn's UK Select Trust.
SWIP has given the board of the £25m trust six months' notice to terminate the investment management agreement. The trust's board said in an announcement to the London Stock Exchange: "The Board of UK Select Trust Limited has received notice from the Company's investment manager, Scottish Widows Investment Partnership Limited, to terminate the investment management agreement. "SWIP has confirmed that it will continue to manage the Company for the duration of the notice period (being six months, expiring on 18 October 2012) or such shorter period as SWIP and the Board may agree." Th...
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