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SIM picks Goldman Sachs to run Euro equity fund

Skandia Investment Management is appointing institutional specialist

Goldman Sachs Asset Management to run its single strategy retail

European equity fund.

Subject to FSA approval, the continental European fund – a sub-fund

of the Oeic which SIM is launching in April – will be managed by a

team of 24 investment managers and analysts led by David Dick,

co-head of GSAM&#39s European equities desk.

Due to roll out on May 1, the fund, the first of two that SIM intends

to launch this year, will be benchmarked against the FTSE All World

Europe ex-UK Total Return index over the medium to long term and

invest in a range of equities.

It will be style-neutral with no cap bias. SIM, which currently has

£800m in assets under management, is aiming to raise £40m

for the fund by the end of the year and says it is confident that the

GSAM name will attract cautious investors and IFAs.

Charges are expected to be 5 per cent initial and 1.5 per cent

annual. Commission is 3 per cent.

SIM managing director Jamie MacLeod says: “This venture is a real

mark in the sand for SIM and speaks volumes about our ambitions. GSAM

European equities team is one of the most successful in the world and

we look forward to working with them.”


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