Skandia Investment Group (SIG) has switched the mandate for its Dublin-domiciled Healthcare fund from Carnegie to OrbiMed Capital.
As part of the deal, OrbiMed will run the vehicle on an exclusive basis subject to certain conditions for at least the next three years
OrbiMed is a specialist healthcare and life sciences investment boutique, with over $4 billion (£2.6 billion) of assets under management.
Its 40-strong team includes several former doctors and scientists and is led by Samuel Isaly and Sven Borho.
Ramon Eyck, the head of equity research at SIG, says: “The team has a combination of skill and experience, giving them a competitive advantage we believe will lead to strong performance for the fund.” (article continues below)
OrbiMed highlights three long-term growth drivers that will support attractive investment opportunities in the healthcare sector for many years to come: aging population trends in most industrialised countries, rising middle class consumers in emerging markets, and advancing scientific innovation.
Carnegie Asset Management has run the Healthcare fund since launch in April 2006.