Skandia Investment Group has cut a €38m mandate run by Roger Guy in its European Best Ideas fund, with the firm taking swift action following the Gartmore manager's decision to retire.
Guy, who has been at Gartmore for 17 years, has decided to retire from day-to-day management and will be handing over responsibility of his vehicles to John Bennett. Skandia Investment Group CIO James Millard says as a result of today's developments at Gartmore, it axed 10-stock mandate run by Guy in its €325m Skandia European Best Ideas fund. "The subsequent eight remaining world class European managers will continue to run the fund," Millard says. "We have a reserve bench of managers and will consider adding further managers in due course. However, we do not think it is necessary...
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