Skandia to pour life money into Select range

Skandia is planning to seed its new ‘Select' fund range with substantial institutional money from its life book in exchange for groups surrendering margin to join the exclusive panel of funds.

Skandia will shortly announce the names of the 50 funds which will populate its Select range. The names of ten fund houses that have signed up to the deal have already been revealed. Skandia is planning to plough the life money into its new Old Mutual branded portfolios next year, in order to swell their assets. Skandia will convert client money already invested in the 50 funds via its life funds over to the new Select range, using the assets as seed capital. Paul Feeney (pictured) CEO of wealth management at Old Mutual, is personally overseeing negotiations with fund groups. A ...