EUROPE - Scottish Widows Investment Partnership (SWIP) has cut the size of its European institutional sales team, as part of a restructuring and review of its continental business.

A spokeswoman for the firm told IPE there has been "a small number of redundancies" following a review of its European sales strategy, and three - unspecified - posts have been made redundant, bringing the team down to seven.

That said, officials are still looking to recruit a head of Europe for the sales operation and were keen to stress the move was in no way related to the impact of the credit crunch but was part of a restructuring review.

SWIP currently conducts business in the Denmark, Finland Italy, Luxembourg, Norway, Spain, Sweden, and UK.