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Skandia merges away Aggressive fund

Skandia Investment Management has merged its Aggressive fund into the recently-launched Global Dynamic Equity fund.

Aggressive fund investors voted to merge their £35m assets into the global vehicle which has a more flexible and wider remit and is able to use Ucits III powers.

The Aggressive mandate was split between a range of fund groups, each running different asset classes. For example, British equities were split between Lazard, Mirabaud, Origen, UBS, and Skandia’s UK Best Ideas fund.

Other parties that run money for this fund were Acadian, Alliance, Alliance Bernstein, Argonaut, First State, JP Morgan Asset Management, MBA, Polar Capital, QMA, Schroders, Skandia Global Best Ideas, RCM, Royal London Asset Management, T Rowe Price and Wellington.

The Global Dynamic Equity fund, which was launched in April, is run in a similar way with portions of money outsourced to various managers. Therefore, assets are now split between Acadian, Argonaut, Bank of New York Mellon, Epoch, First State, FuNNex, Gartmore, Marsico, MIR, QMA and RCM.

Asset allocation is based on the MSCI GDP index and the views of the global asset allocation committee recently set up by Skandia.

As a result of the fund merger, OBSR has removed its A rating for the Aggressive fund.

Related Articles:
Skandia brings passive funds to the retail sector
Skandia rejigs Global Dynamic Equity weightings



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