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Merged Old Mutual UK Strategic Best Ideas to lose multi-manager approach

The £32.2m Old Mutual UK Strategic Best Ideas fund is losing its multi-manager approach with Old Mutual Global Investors set to merge the product away.

Old Mutual UK Strategic Best Ideas, managed by Lee Freeman-Shor, will be merged into Simon Murphy’s £6m Old Mutual UK Opportunities fund on 9 August. A letter sent to unitholders reveals Old Mutual UK Opportunities, which like Old Mutual UK Strategic Best Ideas uses a long-short approach, has achieved consistent positive performance even in a negative equity market.

The letter says: “What the merger also means for you is that you will benefit from a lower cost. The fund will be part of a larger, more efficient fund, as it will move from a multi-manager to a single manager approach, with a significant expected decrease in the total expense ratio.” 

Earlier this year, Skandia UK Best Ideas, which was also managed by Freeman-Shor, was merged into Murphy’s Old Mutual UK Select Equity fund.

Freeman-Shor still runs the £303.8m Old Mutual Global Best Ideas fund and the £224.9m Old Mutual European Best Ideas fund. No changes are planned.

Hargreaves Lansdown investment analyst Richard Troue says: “This fund never really got as much traction as some of the other Best Ideas range. With the merger, investors that liked the multi-manager approach need to be aware that there will be a different approach now.”


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