Richard Wohanka, chief executive of Fortis Investments, the Benelux fund manager, has scorned market rumours that the group is on the verge of signing a funds tie-up with Scottish Widows Investment Partnership.

Shares in Lloyds TSB, parent of Scottish Widows, and Fortis rose last week on reports a deal was close to being signed. It was predicted that a combined group could run UK investment funds from Edinburgh via Scottish Widows while Fortis would run European assets.