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Skandia keeps Whittaker in best ideas funds

Skandia Investment Management is to keep New Star fund manager Stephen Whittaker on its best idea funds despite New Star replacing him on its UK equity income fund.

Whittaker has been replaced on the New Star fund by Charles Deptford, having produced bottom-quartile returns in the Investment Management Association’s UK equity income sector in the past 12 months.

Whittaker is currently responsible for 11 per cent of Skandia’s UK best ideas fund and 10 per cent of the global version. He continues to run New Star’s UK growth fund, which is bottom quartile in the IMA UK all companies sector.

Skandia has made two changes to global best ideas this year, with Treasury Asia Asset Management replacing Aberdeen’s Hugh Young and River & Mercantile’s Dan Hanbury replacing Axa Framlington.

Skandia fund manager Ryan Hughes says: “We review managers consistently and we feel that those who are currently managing money fit in with our process and are sticking to the way they manage money, regardless of whether that style is in favour.”

Hargreaves Lansdown head of research Mark Dampier says: “Skandia said it would give all the managers three years and with Whittaker it appears it is sticking to its words although I imagine there has been some in-depth conversation between them.”

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