SWIP sees £6.6bn outflows in 2012

Scottish Widows Investment Partnership (SWIP) has seen outflows of £6.6bn from the business in 2012, after investors opted to move out of its insurance products.

The outflows - marginally down from the £7.2bn it saw in 2011 - were countered by inflows at St James's Place, and market movements, with assets overall at SWIP climbing £7.1bn to £189.1bn. Gains in equity and bond markets were the main drivers of the increase in assets, accounting for a £13.7bn increase in funds under management. New business came mostly from St. James's Place, which saw £6.3bn of new money flowing in last year, while inflows into SWIP's funds were marginal at £2.4bn, a decline from last year's £4.2bn. The group said outflows last year "in part reflect a lack of c...