Skandia is planning to add to its stable of multi-manager funds later this summer with the launch of...
Skandia is planning to add to its stable of multi-manager funds later this summer with the launch of at least two unit trusts investing in UK equities.
The group's multi-manager programme began on 19 April with the creation of the Skandia MultiManager Funds Oeic containing European, Japanese, US and Sterling Fixed Interest subfunds.
Prior to 19 April, the group had life and pension versions of these four subfunds each backed by their own pool of assets. Now the life and pension funds invest in the same four Oeic subfunds.
This simplifies the group's admin and gives it the opportunity to provide multi-manager offerings to retail investors via its MultiPep, MultIsa and MultiFunds platforms.
The group has not been able to roll its life and pensions UK multi-manager funds into a UK Oeic as it would mean paying 0.5% stamp duty reserve tax.
All the existing Oeic subfunds are available via MultiPep, MultIsa and MultiFund except the Sterling Fixed Interest, which only has an accumulation share on it at present, making it unsuitable for retail investors seeking income.
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