T Bailey is to launch a UK best ideas portfolio on October 1, meshing fund of funds and conviction investing. It will be made up of 10 UK equity funds, each with a weighting of 10 per cent. It will be managed by Richard Martin and Jason Britton. Skandia Investment Management is to launch its new UK strategic best ideas fund on September 19. The portfolio will allow each manager the flexibility to profit from rising shares (longs) and falling shares (shorts).