Royal Skandia has added five funds to its range including a mix of active and passive portfolios. Th...
Royal Skandia has added five funds to its range including a mix of active and passive portfolios. The funds are the Royal Skandia UK Index Tracker, run by Gartmore, the US Fidelity American Growth fund, Gartmore Global Utilities, Jupiter Income Trust and Newton UGF Continental European Equity fund
At the end of October, Royal Skandia will also launch a managed product, the Newton Global Fund which will charge a performance-related fee. These funds are authorised in the Isle of Man and are priced in sterling, Hong Kong dollars and US dollars
The UK Index Tracker aims to follow the FTSE All Share index over rolling 36 month periods, through investing in the Gartmore FTSE All Share fund, managed by Anne Ronai. Fidelity American Growth is a Luxembourg domiciled, dollar denominated Sicav, managed by Neil Miller. The aim of this fund is to outperform the S&P Composite Index over the medium to long term through investment in a portfolio of US equity securities
Simon Melluish, a member of the global portfolio team at Gartmore, manages the underlying asset in the Royal Skandia Gartmore Global Utilities fund. The aim of this underlying investment, a sterling denominated UK-authorised unit trust, is to outperform the S&P Global Specialist Sector Index over the medium to long term. This fund invests in a portfolio of both UK and international investments in the utility sector, with at least 50% of the fund always inv-ested in UK and EU equities
At the same time Skandia has closed down five funds. Among these is the AIB Govett US Equity Safeguard previously available through its MultiISA, MultiPep and MultiFUND products
The other four are all life and pensions vehicles. These include the HSBC Global Bond, HSBC American Growth, Framlington Continental Smaller Companies and Gartmore Practical Investment
Jo Gilbey, investment brand manager at Skandia, said the closure of the AIB Govett US Equity Safeguard fund was the decision of AIB Govett since the fund size was too small to be viable. She said: "The other four funds have been in our range for a long time and are not attracting the interest and the cash flow. Each fund was less than £750,000 in size
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