Skandia drops JPM from global equity mandate

Skandia Investment Group (SIG) has handed over management of the £222m Skandia Global Equity fund mandate to Five Oceans Asset Management.

Long-only manager Five Oceans Asset Management uses sectors and styles for diversification while aiming to significantly outperform the MSCI World index over a rolling three-to-five year.

The mandate was run by JP Morgan Asset Management fund managers Sandeep Bhargava and Howard Williams.

Adam Smears, head of investment research at SIG, says: “Five Oceans Asset Management are an experienced firm who deliver outperformance beyond the broader markets by having an absolute return mindset.

“In reality this translates to a portfolio filled with high conviction names, with the commensurate volatility managed through an adept use of derivatives.”

Five Oceans takes a high conviction approach, focusing on 50 core holdings, and using hedge and derivative strategies to manage risk, SIG says.

The fund will be managed in a similar manner to the Five Oceans World fund.