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Skandia changes manager on US large cap growth

Skandia Investment Group has switched the management of its Skandia US large cap growth fund to a more aggressive asset manager in the view that the American economy is stabilising.

Fifth Third Asset Management is a large-cap boutique based in Cincinnati that will now run the £49m fund on behalf of the group. It was formerly managed by Andrew Shilling of Wellington Management.

FTAM expects large-cap stocks to lead the American equity market in 2010.
A spokesman for Skandia says the move reflect the group’s house view that the country’s economy is in recovery.
It says high quality stocks — those with greater than average potential to expand revenues and earnings — will lead American equities this year given that, last year, low quality stocks rose sharply. (article continues below)

FTAM says the next phase of the recovery in American equities will provide more subdued returns than last year, however, the current trend in company profits and earnings is an improving one, so quality companies will come to the fore.
Wellington Management remains the manager of the Skandia Global Bond and Technology funds.

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