Skandia Investment Group (SIG) has switched one of its 10 mandates in its Global Best Ideas fund from Martin Currie to Marsico Capital Management.
The £46m mandate, which is a 10 stock portfolio, has been handed to Tom Marsico, an American equity manager who also runs the Gartmore US Growth fund. He has replaced Tom Walker, the manager of the Martin Currie North American Alpha fund.
In a statement, SIG says it moved the mandate not owing to a loss of faith in Walker but “because it believes Marsico’s approach has proved better to the 10 stock portfolio approach in the most recent trading environment and that of the foreseeable future.” (article continues below)
Lee Freeman Shor, a portfolio manager at SIG, says: “Upon analysis of Tom Marsico’s 10 stock mandate we noted that not only has it generated persistent alpha, but also, SIG’s trading analysis demonstrated that Marsico’s ideas, and the execution of those ideas, has been very good over the last 10 years.”