View more on these topics

Skandia blocks Fidelity fund

Skandia will close its links to the Fidelity special situations fund before the fund splits and will not put investors into the UK portion of the fund until 2007 at the earliest.

Skandia, the single biggest investor in the fund, with 900m, will not accept new money into special sits from September 14 – four days before Fidelity splits the fund into a UK and global mandate.

Existing money in the fund will be split evenly between the two mandates but Skandia will not accept new money into the UK mandate pending a review of the portfolio next year. Investors can go into the global fund when it opens on September 18.

Canada Life, which has 4.9m invested in special sits, will temporarily close its Canlife Fid-elity special sits fund to new business and inward switches a week before the fund reopens and will split existing and future allocations equally between the UK and global portions.

A spokesman for Scottish Widows says it is in discussions with Fidelity while Clerical Medical is to send out a letter to investors outlining its plans.

A Skandia spokesman says: “We will close the fund on September 14 and the two new funds will open up on September 18. The UK part will not be open to new business but we will review this in 2007.”

Recommended

Woolwich to extend retention scheme

Woolwich has moved to calm broker fears by announcing it is planning to upgrade its retention scheme to include regulated mortgages. It is also considering plans to pay full proc fees on retained business rather than the current rate of 0.2 per cent. The lender currently pays retention fees only on mortgages sold before M-Day […]

Out of context

“Do you think we should take a leaf out of their book and give out lives a rest?”Technology and Technical’s Kim North to Mitchell Moneypenny’s Nicola Mitchell about two virtuous Money Marketing reporters.“Maz has a strange selection of people coming tonight. There are clients and everything.”Despina Constantinides on colleague Marlene Scott’s birthday celebration“I believe we […]

FinanceCube offering web solution for advisers

FinanceCube has introduced an online portfolio management service in the UK that it says will shield advisers’ business from the growing threat of the internet. Former Quay Software head of marketing Philip Calvert has been appointed as sales director to lead the launch, which incorporates a web-based software platform using Microsoft. net technology. The platform […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com