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Skandia awards second UK strategic mandate to Cazenove

Skandia Investment Group has appointed Cazenove to run a second mandate for its Skandia UK strategic best ideas fund.

The second mandate will be managed by Neil Pegrum and raises the number of portfolio managers from eight to nine.

Pegrum joins current Cazenove stalwart Tim Russell on the list of fund managers with the former set to launch an absolute UK dynamic fund next month.

UK strategic best ideas takes the 10 best ideas from each fund manager and places them into the fund. The managers have the flexibility to make long and short positions in a bid to take advantage of both rising and falling shares.

The fund currently has 84 per cent in long positions and 12 in short positions giving a net overall exposure of 72 per cent, the highest since launch two years ago.

Skandia Investment Group fund manager Ryan Hicke says: “That we have elected to award a second mandate to Cazenove in the same fund is highly indicative of the great esteem in which we hold their managers. Neil’s new mandate will complement Tim Russell’s and the other seven managers greatly.

“The number of managers reduced from 10 to eight earlier this year and we acknowledged at the time that we would only bring in additional managers when we were comfortable that they were of sufficient quality and would enhance the strength of UK strategic best ideas. After considerable research, we decided that Neil’s investment philosophy and approach was ideally suited to the UK strategic best ideas.”

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