Eight asset managers have been selected to run sub-advised retail mandates for Skandia's low-cost fund range of about 50 funds, scheduled for launch next year.
Aberdeen, BlackRock, BNY Mellon, Fidelity, Henderson, JP Morgan, Schroders and Threadneedle will sit alongside Old Mutual Global Investors in the new fund range, which has been given the working title Select.
Skandia says although M&G has been a key partner for years, is now unable to provice sub-advised retail mandates. “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,” a statement 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 [retail distribution review],” says Paul Feeney, chief executive of Old Mutual Wealth.
“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.”
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