Skandia hands £95m mandate to Old Mutual

Skandia has passed a £95m UK equity mandate from Mirabaud to Old Mutual mid- and small-cap specialist Richard Watts.

The mandate runs across a range of Skandia products, including the Diversified fund and the Spectrum risk-rated range. Watts and his team have been running a portion of the Skandia UK Best Ideas fund since launch in 2006, and also recently took over the management of part of the Global Best Ideas fund. In 2008, Skandia stripped a £77m mandate from Gartmore duo Ashley Willing and Simon King following underperformance, handing it to Mirabaud managers Edward Peter-Hoblyn and Philip Watson. Ryan Hughes, a senior fund manager at Skandia, says the group made the latest change to balance ...