SWEDEN / UK – Swedish financial group, Skandia, has launched through its UK-based Skandia Life, a new multi-manager UK equity fund, called the Skandia UK Dynamic Fund.

Half of the new fund will be managed by Merrill Lynch Investment Management (MLIM), whilst the other half will be split between Jupiter Asset Management and Société Générale Asset Management.

The new fund is basically the revised active half of the existing Skandia £503m (€ 820m) UK Equity fund, which was originally managed entirely by MLIM. The passive half was and will continue to be managed by Gartmore Investment Managers.

Phil Morse of Skandia says that the three fund managers will also assume responsibility for active equity portions of Skandia’s portfolio funds, including the balanced, cautious and guaranteed pension funds.

“The move further diversifies manager-specific risk and enhances their risk return profile,” Morse comments.

The launch is part of a wider launch of funds, including funds added to the life and pensions ranges.

With £69.8bn in group assets, Skandia is Sweden’s largest insurance group and the world’s second largest unit-linked assurance company.

Topics