Skandia has today revealed details of its WealthSelect range of discounted funds with an average annual management charge of 0.52 per cent.
The range wil be run by Old Mutual Global Investors and include 42 actively managed funds run under a sub-advised mandate by fund managers including Aberdeen, Artemis, Blackrock, Fidelity, Henderson, Invesco Perpetual, JP Morgan, Newton, Schroders and Threadneedle.
It will also include a further 10 multi-asset funds and three passive funds, all run by Old Mutual Wealth.
Advisers will be given the option to select individual funds or use a free managed portfolio service.
The discretionary managed portfolio service will offer a range of portfolios which match up to Skandia’s risk ratings between three and 10. Advisers will be able to offer co-branded quarterly reports on managed portfolios.
The launch represents a significant strategy move for Skandia, part of Old Mutual Wealth, as it seeks to increase flows into its own investment products.
Old Mutual Wealth chief executive Paul Feeney says: “Our aim is to continually increase the value we offer to financial advisers and their clients who use our platform as we grow into a fully integrated investment business. The RDR has increased adviser demand for high quality; high value portfolio management services and we are leading the response.
”Through WealthSelect we give advisers access to the best brands in the market, with easy to use regular reporting and strong performance through active portfolio management. We believe it will enable advisers to offer a compelling investment solution to suit a wide range of their clients’ needs.”
Money Marketing reported in August that Skandia had delayed the launch of Skandia Select, the brand name originally planned for the product.
Old Mutual vice-chairman Peter Manntold Money Marketing in October last year that WealthSelect was central to its plans to gather assets.
He said: “If we’re going to go from being the best retail platform in the UK to being the best investment business in the UK, one of the things we’re going to have to do is gather more assets in our own solutions. An avowed intent of ours is an attempt to gather more assets in our own solutions over a period of time.”
Wealth Select fund range:
Source: Old Mutual Wealth