SIG reviews OMAM bond mandate as Snowden exits

Skandia Investment Group (SIG) is reviewing a £7.6m bond mandate run by Old Mutual Asset Managers (OMAM) following the departure of manager Stephen Snowden.

Snowden's £727m OMAM Corporate Bond fund makes up 14% of the Skandia's £54m UK Fixed Interest Blend fund. The manager is returning to Aegon where he has worked previously as a North American equity analyst before moving to head up the fixed income team. He left in 2004 to join OMAM. SIG senior portfolio manager Ryan Hughes says the team is meeting with Christine Johnson, the interim manager of the Corporate Bond fund, immediately and will then make a decision whether to adjust their holding in the vehicle.