T. Rowe Price is to run part of Skandia Investment Management's (IM) US portfolio. Skandia IM has chosen core US equity investment group T. Rowe Price to manage half of the American equity portfolio in its Asset Allocator range of funds.
The American group, which has over $325.2bn assets under management ($154.6bn in US equities), will have its US Large Cap Core Growth and US Large Cap Growth funds running as segregated mandates for the portfolio.
T Rowe Price already runs funds for Skandia IM. The US Large Cap Core Growth fund runs additionally as the Skandia American fund, and the Large Cap Growth fund is included in the Aggressive, Balanced and Cautious Managed funds in Skandia's multi-manager range.
CIO at Skandia, Alan Durrant, said: "T. Rowe Price have the most formidable analyst team in the US, they provide the rich diet of ideas that a fund manager needs. Their top class analysts are also backed up by experienced fund managers."
The remaining part of the US equity portfolio is run by Alliance Bernstein and Legg Mason. Alliance Bernstein runs 31% through a segregated mandate and the other 19% is held in the Legg Mason US Equity fund.
Skandia's new Asset Allocator range offers the option for investors to use the funds offered individually to gain access to a certain asset class, or to use a combination of funds.
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