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Skandia ends ethical pre-screening

Skandia is restructuring its ethical portfolio following changes to its

ethical investment approach.

The move means that funds included in the portfolio, which is available to

life and pension clients, will no longer be selected from a pre-screened


Stocks will now be selected by the fund manager from a broad universe and

will only be evaluated for their ethical criteria at a later date. Shares

that do not meet these cri-teria will be dropped from the portfolio.

Skandia has chosen fund manager JP Morgan Fleming to run the equity

portion of the portfolio while ethical screening will be carried out by

Ethical and Environmental Screening Services.

The portfolio&#39s multi-manager unit trust basket will now be managed by

Skandia&#39s investment research committee. Jupiter had been managing this

part of the portfolio but the move will put more focus on monitoring the

external fund managers.

A new fixed-interest layer will be added to the fund and run by Merrill

Lynch Investment Management. The addition of fixed-interest investments is

designed to give a layer of underlying stability to the portfolio.

The portfolio will have 75 per cent devoted to direct equities, with the

unit trust basket comprising 20 per cent, the new gilts layer 3 per cent

and cash 2 per cent.

Skandia investment brand manager Phil Morse says: “Ethical managers tend

to work from prescribed ethical buy lists. JP Morgan Fleming will not be

doing this. By taking a more mainstream approach, our fund can now take

advantage of many other stocks which would not necessarily be included on

these buy lists.”



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