Steer previously ran a mandate for the Skandia fund while employed by New Star, from which he resigned in March. He currently runs the Artemis UK growth fund.
The UK strategic best ideas fund is a manager of managers fund where the underlying managers select their 10 best ideas for long positions when markets rise and synthetic short positions using derivatives when markets fall.
The fund currently has 84 per cent in long positions and 12 per cent in short positions, giving the fund its highest ever net market exposure of 72 per cent.
Skandia Investment Group senior fund manager Ryan Hughes says: “We are delighted that we are able to bring Tim back into the UKSBI fold. He is a fund manager with a proven track record and one which will, I am sure, ensure Artemis continues to make a positive contribution to overall performance.”