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Rosenberg gets Skandia mandate

Skandia Investment Manage-ment has replaced ING with Axa Rosenberg Investment Management on the 60m European equities mandate for its multi-manager range.

The mandate represents a third of Skandia Investment Management’s European exposure and will have a slight value bias. This will be combined with European mandates run by Goldman Sachs and BlackRock.

The move follows the appointment of Asian asset manager Sparx to run a 20m Japanese equity mandate, while Gartmore and UBS were recently brought in to replace Merrill Lynch as manager of the UK equities mandate.

Skandia says its decision to replace ING and Merrill Lynch with other managers is not a reflection of poor performance. Skandia Investment Management head of marketing David Orr says “In performance terms, they did a good job for us. It is more a case of blending new opportunities as things evolve, so we are constantly looking at new managers.”

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