Skandia Investment Management Ltd (SIML) is considering launching European and International Best Ideas funds.
The news comes as the UK Strategic Best Ideas fund, the latest fund in the range, has reached £70m one month after launch; double the level expected.
UK Strategic Best Ideas is the first multi-manager fund in the retail market to include both long and short positions. Like the other funds in the range, UK Best Ideas and Global Best Ideas, the fund features the top ten stock ideas from ten fund managers.
The structure of the new Euro and International funds has not been decided but they are likely to follow the existing best ideas format.
SIML’s Best Ideas range now has funds under management in excess of £825m a little over a year since the launch of the first fund.
Jamie MacLeod, chief executive officer at SIML, comments: “We knew there was demand from advisers but we were not sure how they would react to a fund that contains both long and short positions because this is the first time this has been tried in the market. £70m in the first month is a significant amount for a new concept and we are very encouraged by this start.
“We know through talking to advisers that they want to see innovation in new products and that is something we strive to deliver. We have a number of exciting ideas in the pipeline, among which we are looking at the possibility of launching both a European and an International Best Ideas fund.”
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