Skandia u-turns on Invesco mandates after adviser outcry

Skandia has reversed its unpopular decision to close mirror versions of the Invesco Income funds after an outcry from advisers.

Following its August announcement that it intended to close the Skandia Invesco Perpetual Income and High Income funds on its Skandia Life range, Skandia said it had now reversed the decision after "many financial advisers told Skandia that they want to remain invested in the Invesco Perpetual funds." Invesco Perpetual and Skandia have also come to an agreement that will see the TERs of the funds come down from 1.3% to 1.2%. Skandia's initial plan would have seen over £600m of assets move away from Invesco Perpetual. However, it said it has now reversed the decision and will leave...