Skandia has given its Ethical fund an environmental focus in an effort to boost sales.
Environmental specialist Impax Asset Management is now the sole manger of the £72m fund. Previously, the mandate was shared between J.P. Morgan, Aviva, Aegon and Impax.
Skandia believes refocusing the fund in this way will give it more purpose and consequently make it more attractive to investors.
The fund will continue to have an ethical screening but with a focus on environmental investments such as alternative energy and waste management.
Other changes include reducing the value which may be invested in collective investment schemes from 30% to 10% and expanding the list of geographic regions in which the fund may invest.
Skandia's head of alternative asset research Ian Ayllard says: "Given concerns over the environment growing in recent years, refocusing our Ethical fund to enable investors to help meet these challenges seems to us to be a wholly appropriate way forward."
"Effectively relaunching our fund in this way meant we had to identify the best manager to fulfill the role.
"Having gone through that process we have decided to award the mandate to Impax."
