Skandia has released the final line-up of the UK best-ideas fund, complete with an indication of the asset allocation based on a model portfolio.The fund will comprise 100 stocks and feature the best 10 ideas of 10 UK managers. Axa Framlington has two managers in the fund – George Luckraft and Roger Whiteoak, plus Schroders’ Richard Buxton, Jupiter’s Tony Nutt, Merrill Lynch’s Richard Plackett, Rathbones Carl Stick, Artemis’s Mark Tyndall, New Star’s Stephen Whittaker, Old Mutual’s Ashton Bradbury and Gartmore’s Ashley Willing. Skandia says that initial portfolio modelling shows the fund is well diversified, with the managers all inhabiting different areas between small-cap, mid-cap, large-cap and growth and value stocks. The model has 44 per cent in the FTSE 100, 35 per cent in the FTSE 250, 5.65 per cent in the FTSE small cap, 12 per cent on AIM and 2.9 per cent in cash. Skandia says that, using modelling, the fund has 3.5 per cent in one stock, with the top 10 holdings comprising slightly more than 24 per cent. Managers will be able to invest up to 25 per cent in a single stock. The company says that to ensure managers have sufficient conviction in all of their holdings, each must have a minimum holding of 5 per cent of their allocation in each stock they pick. Each manager can also move up to 20 per cent into cash. The fund is an Oeic split into 10 segregated mandates, with an initial charge of 5 per cent and an annual management charge of 1.5 per cent. Skandia chief executive Jamie MacLeod has set a target of £30m to £50m of funds under management in the first six months. Talking about the fund launch, Tony Nutt says: “It is a good way of running money, in that it brings together a number of individuals that have a lot of experience and strong relative and absolute returns over a long period of time. It is genuinely something new in the UK market.” Carl Stick says: “It takes Rathbones and myself to a new level and provides us with new challenges.”
Jupiter has appointed Simon O’Donoghue to its international sales team in the newly created role of sales director, offshore and Nordic.O’Donoghue will work with Kevin Scott to build sales of Jupiter funds in the Channel Islands, Isle of Man and the Nordic markets.He has 14 years experience in the fund management industry most recently working […]
Baring Asset Management has appointed Tim Scholefield to the new position of head of global equities.Scholefield joins from Scottish Widows Investment Partnership where he spent the last three years as head of international equities and prior to this he was at Royal and Sun Alliance for 15 years, ultimately as director of worldwide equities.Barings head […]
HSBC’s announcement that it is to shift its core UK equity business away from Halbis Partners to its multimanager team has raised a few eyebrows in the investment community.
The latest round of restructuring at Hendersons Global Investors looks to be the most dramatic the group has performed for some time. Two years ago Phil Jefferson was brought in as head of UK wholesale to get on with the onerous task of restructuring the retail distribution of an illustrious fund house that had lost its way.
In this short video, Craig Inches, head of short rates and cash at Royal London Asset Management, offers his thoughts on how to preserve capital and generate income in an inflationary environment. Watch the video in full The value of investments and the income from them is not guaranteed and may go down as well […]
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