Skandia has revealed the name of its new fund platform will be ‘Selestia Investment Solutions' when it launches in July.
The platform, which will sit within the newly formed Skandia UK business unit, intends to combine the best elements of Skandia MulitiFUNDs and Selestia, which together currently have more than £10bn funds under management.
Skandia claims the proposition will be the most comprehensive proposition in the market in terms of the range of products and services it offers, which will include upgraded portfolio planning tools; a comprehensive fund range; online new business processing; a broad range of tax wrappers, and updated portfolio reporting tools.
However, further detail on the features, benefits and charging structure of the platform will not be available until the end of June, just ahead of its launch in July, although it says all existing clients and advisers will be contacted before the launch with an outline of the new functionality as existing clients will be migrated on to the new service by the end of the year.
Brett Williams, chief executive of Skandia’s UK business unit, says research among advisers demonstrates a real appetite to capitalise on the best of what Selestia and Skandia offers.
And he adds: “Within this, it is clear there is real brand equity among advisers for both companies, which are known to have different strengths. The selection of Selestia Investment Solutions as the fund platform name, whilst retaining Skandia as the overarching brand, is an important next step of the journey towards full integration of the Skandia and Selestia businesses.”
The platform merger is part of the ongoing integration process following the takeover of Skandia by Selestia’s parent company Old Mutual at the beginning of 2006.
And it says the establishment of the Skandia UK business unit ensures advisers can access all Skandia’s product and services through a single platform, while also benefiting from just one point of contact for all their sales support from Skandia.
Williams says: “As a total proposition, the Skandia UK platform will provide something really unique to the market. It will offer the most comprehensive choice for advisers in terms of which product, service or investment solution is most appropriate for their clients.”
“The Skandia platform is not only the largest in the UK but more importantly has the flexibility to support a wide variety of adviser business models both now and as they develop in the future.”
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