Scottish Widows Investment Partnership (SWIP), the asset management arm of the UK's Lloyds TSB banking and insurance group, has launched a Luxembourg-based SICAV umbrella fund aimed at the continental European market. SWIP, which appointed former head of DTZ Investment Management Malcolm Naish as their Head of Property last week, manages commercial property assets worth around EUR 10 bn across the UK, Europe and North America.
Scottish Widows Investment Partnership (SWIP), the asset management arm of the UK's Lloyds TSB banking and insurance group, has launched a Luxembourg-based SICAV umbrella fund aimed at the continental European market. SWIP, which appointed former head of DTZ Investment Management Malcolm Naish as their Head of Property last week, manages commercial property assets worth around EUR 10 bn across the UK, Europe and North America.
As in the case of other open-ended collective investment schemes (such as contractual funds), SICAVs entitle investors at all times in principle to request the redemption of their units and payment of the amount in cash. Commenting on the launch, SWIP’s Simon Wombwell said that offering a SICAV structure would further increase the availability of SWIP’s funds throughout continental Europe. The SICAV would offer a range of possibilities for their clients' investment strategies he said, including indirect access to the European real estate sector.
