Jobs carnage at SWIP. You probably don't want to work for a small, actively managed equities fund now
Scottish Widows Investment Partnership has snapped. As wary cost-conscious investors increasingly shift their money into passive funds, SWIP is reducing its 38-strong UK equities investment team to just 15 people.
The cuts are said to include its head of UK equities Peter Cockburn.
They reflect the introduction of a new equities strategy in which SWIP is closing smaller, non-viable equities funds, many of which are regional in focus. The moves mirror investors' growing preference for passively managed funds or 'high alpha' hedge fund-type solutions.
Aviva has also cut 160 jobs in its active equities business. Active equity fund management doesn't look like a good place to be right now - especially if the fund you work at is a small one.
