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One supermarket could check out

Old Mutual would be unlikely to keep two fund supermarkets if it buys Skandia, says Financial Technology Research Centre director Ian McKenna.

Skandia’s platform is the biggest of the two, with around 5bn in assets compared with 1bn for Old Mutual’s Selestia.

McKenna believes that Skandia’s Multifunds and Selestia each have their strengths but neither is a perfect solution so one platform could be kept with the best elements of the other bolted on.

He says Skandia has the stronger and longer-standing IFA brand of the two and was a pioneer in e-commerce but Selestia has been catching up. One plus for an expanded group would be the ability to cut Skandia’s IT costs by outsourcing to Old Mutual in South Africa.

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