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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.”


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