Skandia Investment Management is introducing a UK version of its global best ideas fund next month featuring the five UK managers from the global fund plus five others including Schroders’ Richard Buxton.The UK best ideas fund, which launches on October 11, will replicate the global fund with each of the 10 managers providing their 10 best ideas. The fund will have an initial charge of 5 per cent, annual management charge of 1.5 per cent and an estimated total expense ratio of 2.45 per cent. It will pay 3.5 per cent initial and 0.5 trail commission. SIML says the managers’ different styles minimise risk of concentration in any stocks, with the model portfolio showing the top 10 stocks making up 24.5 per cent of the portfolio. UK managers on the fund who are already represented in the global fund are Merrill Lynch’s Richard Plackett, Artemis’s Mark Tyndall, Axa Framlington’s Roger Whiteoak, New Star’s Stephen Whittaker and Gartmore’s Ashley Willing. Schroders head of UK equities Richard Buxton has also been picked for the fund. Chief executive Jamie MacLeod says: “We have been delighted with the reception that global best ideas received and a UK best ideas fund is a natural extension of this concept.” Buxton says: “I think it is an absolutely fantastic project and could be the most tremendous fund and a very powerful proposition.” The global best ideas fund has attracted 130m since its launch on June 11.