The group has removed a £7m mandate from Aviva Investors manager Julius Lipner (pictured), citing “uncertainty” over its recent review.
The mandate will be redistributed among its current managers, which includes BlackRock’s Richard Plackett and Mark Lyttleton, Phil Hardy of Polar Capital, SVM’s Colin McLean, Artemis manager Tim Steer and Paul Casson of Henderson.
Lee Freeman-Shor, portfolio manager for Skandia Investment Group, says: “We have made the decision to remove the mandate from the Skandia UK Strategic Best Ideas fund due to the uncertainty and unknown consequences, created by Aviva Investors’ announcement that it plans to review active equity management and concentrate on fixed income, real estate and multi asset solutions. (article continues below)
“While Julius Lipner has done a good job for the fund, and we wish him all the best for the future, we believe that this decision is in the best interest of our investors.”
Aviva recently announced it would be making a number of changes ot its business that will see it move towards the insititutional market.