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
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