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Skandia drops JP Morgan from global equity mandate

Skandia Investment Group has handed over management of the £222m Skandia global equity fund mandate to Five Oceans Asset Management.

Long-only manager Five Oceans uses various sectors and styles for diversification while aiming to significantly outperform the MSCI World Index over a rolling three to five year period.

It takes a high conviction approach, focusing on 50 core holdings, and uses hedge and derivative strategies to manage risk.

SIG says the fund will be managed in a similar manner to the Five Oceans world fund.

The mandate was formerly run by JP Morgan Asset Management fund managers Sandeep Bhargava and Howard Williams.

SIG head of investment research Adam Smears says: “Five Oceans Asset Management is an experienced firm that delivers outperformance beyond the broader markets by having an absolute return mindset. In reality this translates to a portfolio filled with high conviction names, with the commensurate volatility managed through an adept use of derivatives.”

Earlier this month, Skandia handed its greater China equity fund mandate to MIR Investment Management. The fund was previously managed by First State.

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