New manager unveils Swip Financial changes

Michael Wasserman has revealed changes to his Scottish Widows Investment Partnership (Swip) Financial fund since taking over as manager in December.

The fund will reduce its holdings in Britain’s financial sector, in addition to its stated intention to scale back weightings in emerging markets.

The manager is to partly redirect his focus towards European banks and property securities in Austria, Germany and Poland. (article continues below)

The fund has already begun to invest in shopping centres located in Poland and Austria as well as its long-term investment in German property securities.

Wasserman said German rents were currently low, but that they have recently been increasing and are expected to continue to do so over the next two to three years.