Swedish investment house Skandia has launched a new multi-manager UK equity fund.
The Skandia UK Dynamic Fund will be managed between Merrill Lynch (50%), Jupiter (15%) and Société Générale (35%).
The three managers will also take on a revised active mandate for Skandia's existing £503m Skandia UK Equity Fund. Gartmore continues to handle the 50% passive portion of the fund.
However the 50% active mandate - previously managed by Merrill Lynch - will also be split among Merrill Lynch (25%), Société Générale (17.5%), and Jupiter (7.5%).
Skandia's Phil Morse said the re-structuring means the three fund managers also become responsible for the active UK equity portions of Skandia's Portfolio Funds range - including the Skandia Balanced Porfolio Fund, the Skandia Cautious Portfolio Fund and the Skandia Guaranteed Pension Fund.
This further diversifies manager-specific risk and enhances their risk return profile he added.
By Madhu Kalia
A buyout tool which provides schemes with up-to-date pricing and comparisons between insurers has been launched by JLT Employee Benefits.
The DB white paper sets out plans to review the funding regime, with 'prudent' and 'appropriate' possibly redefined. But James Phillips asks if this could this signal a return to an MFR-like approach?
The trustees of GKN's pension schemes have agreed a package of mitigation measures that would improve funding to a "more prudent level" if Melrose's offer is accepted by shareholders next week.
While the new powers are welcome, most respondents doubt it will make a difference to the outcomes for members, Pensions Buzz respondents say.