Scottish Widows Investment Partnership (Swip), the UK-based asset management arm of Lloyds TSB, is entering a co-operation agreement with Cofiri Sim, an Italian investment bank owned by Cofiri, the Rome-based broker.

The two partners will jointly pursue opportunities in the Italian market for institutional asset management. With Cofiri's investment banking credentials and corporate network and Swip's global asset management capabilities the firms hope to become a major force in Italian fund management.