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Skandia makes a giant leap as multi-manager boosts business

Skandia Investment Management has become the fastest-growing investment group in the UK, enjoying higher net retail sales than established giants such as Fidelity and Invesco Perpetual, according to a confidential report.

The firm&#39s total net retail sales hit £228m in the first quarter of this year, significantly ahead of Fidelity with £193m, Jupiter with £171m and Invesco Perpetual on £165m. Only Halifax, with £263m, had higher sales.

Skandia IM, specialist in hybrid fund of funds and manager of manager portfolios, also trounced rivals in total net sales, again second to Halifax which had £480m.

Framlington, which has undergone a renaissance since its capture of star managers Nigel Thomas and George Luckraft, was third with £183m, signifying its re-emergence as a major player.

In the report, obtained by Money Marketing, Skandia IM attributes its success partly to the quality of its products and partly to the distribution deals it has struck with Bankhall, Bradford & Bingley and Sesame.

It says the job done by Skandia Life&#39s 100-strong salesforce in pushing the multi-manager arm to IFAs around the UK since its launch in April 2003 has been crucial in boosting sales beyond most observers&#39 expectations.

Head of investment marketing David Orr says: “This has given us a massive coverage of a huge number of intermediaries at a time when there is a big shift into the multi-manager area as more and more IFAs are outsourcing their investment management. We have had the right product and the right distribution team.”

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