Skandia has stripped a £77m UK equity mandate from Gartmore and handed control to Mirabaud. The M...
Skandia has stripped a £77m UK equity mandate from Gartmore and handed control to Mirabaud.
The Mirabaud mandate - managed by Phillip Watson and Edward Peter-Hoblyn - runs across a number of Skandia's funds, as well as its Spectrum risk-based vehicles.
Skandia says it removed the mandate from Gartmore's Ashley Willing and Simon King after "not delivering" on portfolio management and performance expectations.
Last week Gartmore announced Willing's role at the firm had become redundant, with King assuming full control of its UK Focus fund.
Skandia Investment Group senior fund manager Ryan Hughes says the Mirabaud managers' investment style and track record is a perfect fit with the portfolios.
"If we need to make changes to the line up of our funds to protect performance, then that's something we will actively do," he says.
"They (Mirabaud) are a brand new group for our multi-manager funds and their appointment is the result of them having passed our rigorous selection process - they've been on the reserve bench for a while and we are pleased to introduce them to our portfolios."
