Skandia Investment Group has awarded a £108.6m mandate to US asset manager 300 North Capital for its Skandia US capital growth fund.
The move has seen Marsico Capital Management replaced as asset manager on the fund.
According to Skandia, the awarding of the mandate will give the fund exposure to growth companies regardless of market capitalisation.
Skandia Investment Group head of investment research Adam Smears says: “Mid cap stocks are more inefficient and contain earlier stage growth companies than the large cap arena does.”
He adds: “We believe that an all-cap strategy should demonstrate expertise in this area. 300 North Capital does this, but its understanding of macro drivers complements this knowledge by helping them allocate to larger cap names in times of market turmoil.”
300 North Capital is headed by Rick Campagna, the chief executive and chief investment officer.