Business briefs: Swip hires two for wholesale drive | Pacific airport deal | M&S

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Scottish Widows Investment Partnership (Swip) has appointed two investment sales directors to beef up its presence in the wholesale market.

The Edinburgh-based firm said Martin Orrin and Michaela Rayner will report to Martyn Gilbey, head of wholesale, and will be responsible for increasing its share of the intermediary and discretionary fund management markets.

Gilbey said their experience would also help Swip prepare for the Retail Distribution Review, which bans adviser commission from next year.

Pacific flying high with airport deal

Pacific Building, the Glasgow-based construction firm, has landed a three-year contract as part of a £9 million investment in new passenger facilities at Glasgow airport.

Managing director Brian Gallacher said the “multi-million pound” deal will involve installing new check-in areas and departure gates at the BAA-owned site.

He added: “We didn’t land the deal just because we’re situated along the road from the airport. The tendering process insisted on quality and capability.”

M&S cutting pension cash

Marks & Spencer is to reduce cash contributions to its final salary pension scheme following an improvement in its funding shortfall.

The retailer has agreed a funding plan with the scheme’s trustees that will see it pay in £28 million a year from 2013-14 to 2016-17, down from a previously agreed £60m.

It said strong investment growth and “sound risk management” had narrowed the scheme’s deficit to £290m as of 31 March, down from £1.3 billion three years earlier.