UK - Multi-manager Skandia is to enter into the institutional defined contribution market and target pension funds between £30m to £45m.
Skandia believes that in light of the Myners review and the Unilever court case, trustees have the choice of either delegating their investment powers to a third party or becoming “investment experts”.
It is marketing its range of funds, which were previously only available for retail investors, at smaller pension funds which it believes are more likely to take the delegation route.
Skandia will be seeking minimum investments of £500,000 for its range of funds and added there would be room to negotiate on charges for large allocations.
A key product aimed at pension funds is the Skandia Balanced Portfolio, a global balanced product made up of 80% equities, 12% bonds, 5% real estate and 3% cash. So far, the fund has produced a three-year return of 2.67%.
Skandia investment brand manager Philip Morse said the firm was aiming to have about £500m in institutional assets under management after 12 months.
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