Lloyds TSB has doused speculation that Scottish Widows Investment Partnership (Swip), its asset management arm, is up for sale as part of a divestment programme.

Despite flat pre-tax profits last year and a market-assisted 10% rise in assets under management, Lloyds TSB said in a statement: "Asset management is a key component in the successful implementation of the group's bancassurance strategy, and Swip has a major part to play in this."