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Skandia awards GBP95m mandate to Old Mutual Asset Managers

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Skandia Investment Group has selected Old Mutual Asset Managers (UK) to manage a GBP95m UK equity mandate previously managed by Mirabaud.

The mandate will be managed by Richard Watts (pictured), a member of the UK mid and small cap equity team at Old Mutual, and will be used across a range of Skandia’s funds including the Diversified fund and the Spectrum range.

Watts and his team are well known to Skandia as they have been running a mandate for the Skandia UK Best Ideas Fund since it launched in 2006 and also recently took over the running over a mandate for the Skandia Global Best Ideas Fund.

Ryan Hughes, senior fund manager at Skandia Investment Group, says: “We continue to rate Mirabaud highly, however, their large cap focus did not suit our desire to have a dedicated mid cap mandate for use in our portfolios. Richard and his team at OMAM are talented stock-pickers who have successfully run money for SIG for many years. They have an outstanding long-term track record of delivering outperformance for investors and are ideally placed to provide exposure further down the cap scale for our clients.”

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