F&C Investments has been appointed to replace SVM Asset Management in the management of a £21bn mandate in the Skandia Investment Group's (Sig) UK Best Ideas Fund.
Sig appointed Peter Lees, of F&C, to take over from Colin Mclean. The mandate sees Lees have an 18% weighting in Skandia's UK Best Ideas Fund.
Sig said F&C was handed the mandate because Lees "brings a differentiated approach to the existing managers within the fund, so diversifying the opportunities to generate alpha".
This does not mean that Mclean has been ousted. The firm said: "Sig’s conviction in Colin Mclean remains high and he will continue to manage a mandate for the UK Strategic Best Ideas fund."
The Skandia UK Best Ideas fund is managed by Lee Freeman-Shor, Ryan Hughes and Francois Zagame. Since Sig refocused the fund last year it has achieved top quartile performance over the last twelve months, returning 24.43% compared to the benchmark of 18.13%.
©2011 funds europe