Skandia has cut a €38m mandate run by Roger Guy in its European Best Ideas fund, with the group taking swift action following the Gartmore manager's decision to retire.
Guy, who has been at Gartmore for 17 years, has decided to retire from day-to-day management and will be handing over responsibility of his Gartmore vehicles to John Bennett. Skandia Investment Group CIO James Millard says as a result of today's developments at Gartmore, it axed the 10-stock mandate run by Guy in its €325m Skandia European Best Ideas fund. "The subsequent eight remaining world class European managers will continue to run the fund," Millard says. "We have a reserve bench of managers and will consider adding further managers in due course. However, we do not think it...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
