Skandia has removed George Luckraft from its Strategic Best Ideas fund following the news Axa Framlington is to close its Absolute Return UK fund.
The decision means Luckraft is no longer running a long/short portfolio, with Skandia reallocating his mandate between the remaining nine long/short managers on their panel. Luckraft will remain as one of the managers in Skandia's long-only UK Best Ideas fund. "Our key objective for this manager change is to ensure this strong investment performance continues," Skandia Investment Group CIO James Millard says. "There may be times when it is in investors' best interests to run with fewer than ten managers and we will endeavour to move back to ten managers when market conditions allow.
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