Nutt has been removed alongside the Ignis Cartesian duo of Andrew Kelly and David Stevenson and River & Mercantile’s Dan Hanbury.
Hanbury has also been removed from its global best ideas range, with his place going to Old Mutual Asset Management’s Luke Kerr.
SIG has not replaced the managers in the UK fund, meaning it now comprises the best ideas of seven fund managers. These are Audrey Ryan at Aegon; Jacob de Tusch-Lec at Artemis; Richard Plackett at BlackRock; Luke Kerr at Old Mutual; Richard Buxton at Schroders, Hector Kilpatrick at SVM and George Luckraft at AXA Framlington.
SIG CIO James Millard says: ““While we were extremely disappointed to see Skandia UK Best Ideas Fund reacting badly to the collapse in stock prices in 2008, our expectation was that the fund would recover equally as strongly when the market recovered in 2009. Given that the fund did not outperform as we anticipated, it has been necessary to take significant action on behalf of our investors.
“The managers remaining in the fund in combination should deliver stronger performance as the fund will be better equipped to adapt to changing market conditions going forwards, however we will not hesitate to make further changes if appropriate for investors,”