Tue, 27/11/2012 - 16:33
Skandia, part of Old Mutual Wealth, has reached agreement with eight external fund groups for the new focused fund range it is planning to launch in mid 2013.
The eight external fund groups will sit alongside Old Mutual Global Investors in the new fund range, which has the working title Select.
The agreements are still subject to contracts being signed but verbal agreement has been reached with the following fund groups:
• BNY Mellon
• JP Morgan
The funds in the new range will be run as sub-advised retail mandates. M&G has been a key partner of Skandia for many years but at this time M&G is unable to provide sub-advised retail mandate services. In light of this, Skandia has agreed that M&G will be a strategic partner and the two companies will work together to find a solution that will enable M&G to join the new fund range at some point in the future.
The new fund range will be very cost competitive and will cover all major asset classes, ideal for financial advisers running their own centralised investment proposition (CIP), such as asset allocated model portfolios, for their customers.
The new range will be offered exclusively via Skandia and will be available on the Skandia Investment Solutions platform in addition to Skandia’s existing open architecture range and its packaged solutions such as the Spectrum risk targeted funds and the new Generation income solutions. Although it will be a focused range of approximately 50 funds it is not only designed for restricted advisers, but can also be used by independent financial advisers that wants to run their own CIP.
Paul Feeney (pictured), chief executive of Old Mutual Wealth, says. “This is a very exciting line up of high quality fund managers which will make this range of funds very attractive to all types of financial adviser post RDR. The funds will have very competitive charges, a clear example of how we are able to use our scale and market position to negotiate great deals for the advisers that work with us and their customers. This fund range, accessed via the Skandia platform, is likely to be the most compelling focused fund range anywhere in the market.”
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