Scottish Widows Investment Partnership, the main asset management arm of Lloyds Banking Group, has moved a step closer to rebuilding its fixed-income team with the appointment of a director from rival Standard Life Investments.

Mark Connolly will take up the role of director of fixed income on Monday. He will lead a team rebuilt since the summer departure of Swip's original bond investment team, which was poached by fellow-Edinburgh-based firm Alliance Trust.