Skandia Investment Group has appointed Cincinnati-based boutique Fifth Third Asset Management to run its $80m US Large Cap Growth fund, replacing Wellington Management.
SIG says the move signals its intent to take a more aggressive stance towards US large caps, with FTAM expecting a strong bounce for high quality stocks in 2010.
While FTAM believes the next phase of the recovery in US equities will provide more subdued returns compared to last year, it says quality companies will come to the fore amid improving US company profits and earnings.
FTAM is a wholly owned subsidiary of one of the USA's largest regional banks, Fifth Third Bank, which was founded in 1858 and is headquartered in.
"The easy money has been made on the bounce back in the market," FTAM president and chief investment officer Keith Wirtz says.
"We believe active managers now have a chance to shine as company fundamentals rise in importance to investors in the next phase of the market advance."
SIG chief sales and marketing officer Rob Williams adds: "We are very excited at being able to exclusively offer the undoubted skills of Fifth Third Asset Management and believe they are an ideal manager to focus on the opportunities that the current environment in the US market offers to investors."
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