Skandia removes China mandate from First State

Skandia has appointed MIR Investment Management to run its Greater China Equity fund.

MIR took over control of the $363m fund from First State Investments yesterday, partly in order to allow retail investors access to a broader spectrum of investments in the region.

James Millard, chief investment officer for Skandia Investment Group, says: “First State has been an excellent investment partner, but we are in agreement that further asset growth could be a future constraint in sustaining performance.

“First State have always taken a very prudent approach to capacity management and have closed many of their strategies to new investors; SIG is supportive of this stance to protect their ability to deliver returns for clients. As such, the time is right to change the manager of this fund.”

The fund has delivered returns of 132.5% since its launch, compared to index returns of 67.8%.