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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.”


Target market

UK equity income managers face a quandary. The past 12 months have arguably hit the sector harder than any other, especially where funds have exposure to banks, with the average fund losing 23.2 per cent.

Results season begins

Aviva stole the limelight this week kicking off the life sector’s interim reporting season with news that it has finally reached a £1bn reattribution deal with policyholder advocate Clare Spottiswoode.

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Auto-enrolment — don’t leave it too late…

With auto-enrolment (AE) well under way for the UK’s largest businesses, over the next three years an additional 800,000 smaller employers (with less than 60 employees) will start their journey to comply with the legislation. AE mandates all eligible employees and their respective employers to make regular pension contributions into a qualifying pension scheme. To learn more about the legislation read our brief Jelf AEase — simple steps to AE compliance guide.


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