Royal Skandia has decided to ditch two of its fund managers. ING, who used to manage the European po...
Royal Skandia has decided to ditch two of its fund managers. ING, who used to manage the European portfolio will be replaced by Axa Rosenberg, while State Street has been ousted in favour of Barclays Global Investors.
At the same time, Threadneedle's bond funds will be offered for the first time on the Royal Skandia platform.
Royal Skandia chose AXA Rosenberg because of their value bias approach and the main focus of the portfolio is towards mid and smaller companies. Their style will provide a balance between BlackRock and GSAM's existing approaches that is focused towards larger-cap stocks and has a growth bias.
Nic Burton, marketing manager at Royal Skandia, said: "ING's approach was style neutral and we felt it was appropriate to switch to a manager in the value area."
The changes mean that the European portfolio will be 40% run by AXA Rosenberg, 30% Black Rock and the remaining 30% Goldman Sachs Asset Management.
Meanwhile, BGI has replaced State Street as index manager. According to Burton, this is because they are able to offer the mandate at a better price with a reduced tracking error.
The Threadneedle funds on offer will be the Strategic Bond and Dollar Bond funds along with the American Growth Fund managed by Andrew Holliman.
Stephen Moore, director of financial institutions for Threadneedle, said: "Our Dollar Bond and American Growth Fund match the needs of Royal Skandia dollar-based clients in Asia, particularly in regions such as Hong Kong."
£1bn business since inception
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