The group says the decision follows Axa’s plans to close its Absolute Return UK fund, an institutional long/short vehicle managed by Luckraft. This was the only long/short money he ran. He is better known for his Equity Income and Monthly Income long-only retail funds.
Luckraft’s mandate will not be handed to another manager. Instead, the £73m Skandia multi-manager fund will run with nine managers instead of the usual 10. The nine include Polar Capital, BlackRock, Gartmore and Artemis.
The long-only mandate Luckraft runs on the Skandia UK Best Ideas fund remains unaffected.
The group says the change has been made to avoid diluting the performance of Strategic Best Ideas. It will monitor long/short managers with a view to moving back to ten when market conditions improve.