UK – Scottish Widows Investment Partnership has posted a first-half loss of one million pounds (1.4 million euros), compared to a profit a year ago of six million pounds.

SWIP’s parent company, UK bank Lloyds TSB said the loss reflected “lower income as a result of lower equity markets and the impact of higher investment spend”. But it added: “Overall fund management performance continues to show a significant improvement.”

At the end of June SWIP had 73 billion pounds in funds under management. The first half of 2003 saw SWIP lose its chief investment officer, Sandy Nairn, and retail fund management head Graham Campbell.

SWIP has around 17.8 billion euros in European pension fund assets under management.

Lloyds TSB said its pre-tax profits at its life, pensions and unit trust businesses fell 36% to 235 million pounds on total sales of two billion pounds, down seven percent.

The bank posted an overall pre-tax profit of 1.7 billion pounds, a five percent rise. Limited | Conditions