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Skandia opens umbrella

Skandia is bringing together some of the biggest funds from a variety of managers under an Oeic umbrella in a move it claims will be unique in the market.

From the end of April, Skandia will consolidate a number of top-performing funds, including life, pension and international, from a range of fund managers into the Oeic – although it will continue to offer the funds in their own right.

Skandia will select – and deselect – managers to run each sub-fund of the Oeic on the basis of performance determined by its own investment research, taking the process out of the hands of IFAs.

It claims this will enable it to give IFAs access to a new type of fund not offered by its competitors.

Group investment director Jim Roberts says: “We have decided to consolidate the assets we have with a number of fund managers through an Oeic. Administratively, it will be easier to run and it will give access to a fund that will be unique in the market.”

Plan Invest joint managing director Mike Owen says: “As research becomes more onerous I could see a lot of the IFAs who go through Skandia using this operation. But at this stage I do not know if it is unique, it has many fund of fund elements and looks a lot like the Credit Suisse model.”

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