Is Skandia's Woodford move really putting customers first?
Who really has control over your assets? This question is becoming more prominent as groups push for preferential terms based on their ability to move assets post-RDR. Last week, Skandia hit the headlines after it chose to close its mirror versions of Mark Barnett’s Invesco Income funds and switch a staggering £640m of legacy cash into Neil Woodford’s new portfolio. Instead of just promoting Woodford’s fund in an effort to get clients to switch, Skandia took the decision completely out of the hands of investors by closing the mirror funds, meaning investors either move to Woodford, or...
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