Scottish Widows Investment Partnership, the fund management unit of UK bank Lloyds TSB, has mistakenly agreed to sell shares in a closed-end fund which is the target of a takeover it opposes.

Edinburgh-based Swip said on August 3 that it would not back a purchase of the £50m (€73.6m) UK Select Trust by New York-based hedge fund Millennium Partners, the fund's largest shareholder.