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Skandia in £25bn multi-manager milestone

Skandia UK has passed the £25bn funds under man- agement mark for the first time.

The company says this makes it the biggest multi- manager business, having pioneered open architecture more than 15 years ago.

The £25bn is spread across its self-select fund range, which currently offers more than 400 funds from over 40 fund managers, and spans all product lines.

By way of comparison, Fidelity, the UK’s biggest fund manager has £30bn in assets under management although Norwich Union, the biggest insurer, has £291bn.

Chief executive of Skandia’s asset management division Jamie Macleod says: “£25bn is a fantastic milestone and really puts the scale of Skandia’s open architecture business into perspective. It makes us the biggest provider of multi-manager investments in the UK.”

Paul Duckworth IFA proprietor Paul Duckworth says: “I am a big fan of open architecture and Skandia should be applauded for coming up with the idea of open architecture. If it can keep pace with change, it will continue to be in a good position.”

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