dublin-based umbrella with 20 underlying sub-funds launched
Skandia has extended its multi-manager operations by launching Skandia Global Funds (SGF), a Dublin-based Oeic with 20 underlying sub-funds.
A global investment research committee has been established, consisting of members from Skandia companies in the US, UK, Sweden, Germany, Switzerland, Spain, Japan and Australia. The committee will find and monitor managers for SGF's underlying funds.
The SGF range, which has a minimum investment of $1,000 per fund, is aimed at a broad range of investors, said Rob Williams, marketing director for Europe and Asia Pacific.
He added: 'Existing customers of Royal Skandia would tend to be wealthy ex-pats but the range will also be marketed to investors via retail insurance company wrappers such as a Pep or Isa, or their European equivalents.'
There will be multiple share classes, with the A class share expected by Skandia to be the most commonly sold. It will have an initial charge of 5%. Annual management fees will range from 1.5% for equity to 1% for bond funds.
Williams said: 'With this structure we are able to pick the most suitable asset managers. We have 16 fund managers running the 20 funds, and each fund will have only one manager.'
Skandia is also looking to add a further five or six funds to the range, according to Williams, 'as long as we see a healthy influx of assets.'
The funds are diversified across asset classes, industries, countries, company sizes and investment types. Details of any new funds will depend on where demand lies. SGF will determine the fund objective, define the investment mandate, and select and monitor the investment manager for each of the funds.
The fund range is split into four categories: specialised equity, diversified equity, fixed income and reserve.
The specialised equity funds will include the Carlson Asian Small-Cap Growth Fund. The diversified equity funds include Alliance Capital Global Equity and MFS US Large Cap Growth. The fixed income funds include Pimco US Total Return Bond, and the reserve funds include the Wells Capital US Dollar Reserve Fund.
The funds will be sold through the existing network of Skandia companies, as well as independent fund distributors such as banks and financial advisers.
Skandia is targeting intermediaries and distributors rather than direct retail investors, and is talking to a number of parties regarding potential distribution deals.
Williams would not reveal any figures for assets under management but said Skandia is marketing SGF globally and does not want to publish any targets at present.
Skandia currently has $95bn assets under management worldwide.
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