Threadneedle parent 'readies £800m SWIP bid'

Threadneedle parent company Ameriprise Financial is preparing an £800m bid for Scottish Widows Investment Partnership, according to reports.

The US-listed financial services firm is leading a "pack of bidders" for SWIP, according to the Sunday Times. Reports last week suggested SWIP parent Lloyds Banking Group has moved closer to a sale of the fund management business, having hired Deutsche Bank to deal with the proposed divestment. The paper said analysts suggest any successful Ameriprise bid would see it lay off most of SWIP's Edinburgh-based employees. A purchase of SWIP would see Ameriprise control UK businesses with a combined £240bn in assets under management, adding the former's £142bn to Threadneedle's £79bn.