How Old Mutual has morphed into huge threat to UK fund managers

THE BIG THREAT

In the past, UK asset managers always had good reasons to look on the massive Skandia operation with respect, if perhaps not fear.

The group had a huge distribution reach across the intermediary sector. This had been built up by strong sales teams who really knew their clients and was supported by one of the UK's biggest platforms. It was this reach and understanding of adviser needs that helped the group take billions of pounds into products like the risk-targeted Spectrum range. But what of the asset management side of the business? Here, perhaps its competitors were intrigued rather than fearful. Skandia Investment Group's most high profile funds were its Best Ideas range, run by a selection of top managers. H...