Skandia Investment Management Ltd (SMIL) has reallocated its £243m UK equity mandate, the largest change in its history.
Origin Asset Management has been awarded a new £140m mandate, with the remainder reallocated to Gartmore, New Star, UBS and Schroders.
SIML says it is the first time it has worked with Origin and continues its philosophy of giving advisers and clients access to the “best fund managers”, even to those without retail business.
Martin Currie previously ran SIML's UK equity mandate and remains a fund partner, with over £72m in mandates – including the US element of its Global Best Ideas fund.
SMIL says Origin delivers out-performance with a multi-factor approach.
“Origin invests in companies which are well managed, undervalued, are enjoying improving operating performance and have rising share price trends,” it says.
“Used in combination, these criteria offer potentially stronger performance with lower volatility than each characteristic on its own.”
SIML CIO James Millard says its largest ever mandate change will add “significant value” to affected funds.
“We are very confident that Origin’s investment philosophy will complement the approaches of the existing UK equity managers in our funds and deliver strong returns for advisers and their clients over the long term,” he says.
“The changes also give financial advisers access to Origin Asset Management for the first time via a retail fund, and is a further example of SIML’s depth of research in identifying high quality managers that may not be readily available to others.“
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‘Most significant’ upgrade since launch
Changes happening over coming months
Had accepted British Steel business
Aimed at HNW clients and family groups
Set for 1 April 2019