Skandia Investment Group (SIG) has dropped Roger Guy as one of the nine managers on its European Best Ideas fund following the announcement of his impending retirement today.
Guy ran a €38m (£32.8m) 10-stock mandate within the €325m portfolio.
In a statement, James Millard, the chief investment officer of SIG, says it will immediately reallocate the monies equally to the eight remaining managers within the fund and “will consider adding further managers form its ‘reserve bench’ in due course.” (article continues below)
Millard adds it is not necessary to make the change immediately as the fund remains well diversified, with over 80 stocks following Guy’s removal.
In terms of other SIG funds that hold Gartmore, Millard says: “We currently have a further £150m invested across several mandates run by Gartmore which are not directly affected by the announcements today. We will continue to monitor the situation and will not hesitate to take appropriate action should we deem it necessary.”