The "exceptional" withdrawal of a single, large mandate from Scottish Widows Investment Partnership, which has suffered staff exits across its business over the past two years, helped wipe £7.9bn from its assets last year, more than double the amount it received in inflows from new clients.

Swip reported gross new client assets of £3bn in 2010 this morning but in the annual report of its parent company, Lloyds Banking Group, it was revealed that the company suffered one large outflow to offset this new money.