SKANDIA Investment Management (SIML) has become one of the first multi-managers to give significant backing to the £300m New Star Equity Income trust since Stephen Whittaker replaced Toby Thompson as manager by investing £20m in the fund.
The investment has come from the £133m Skandia Equity Income fund, which until now held six mandates; five of them each representing 18pc of the portfolio and one, Gartmore UK Focus, 10pc. SIML said exposure to each of the mandates had been reduced slightly to accommodate Whittaker’s fund, which now accounts for around 15pc of the portfolio. It would not comment specifically on the extent separate mandates had been reduced. Whittaker already runs around £50m for SIML through mandates in the Global and UK Best Ideas funds based on the approach used in his New Star UK Growth fund. R...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
