Skandia removes Gartmore manager from fund
Skandia Investment Group is removing a £7m UK Strategic Best Ideas mandate from Gartmore’s Ben Wallace after disappointing returns.
Skandia will now divide the mandate between the remaining seven managers, including a number of Wallace’s long/short rivals.
Despite having outperformed the FTSE All Share Index by 10% since its launch three years ago, the mandate was reported to have lagged behind other managers. (article continues below)
Skandia recently removed Roger Guy, a key manager at Gartmore, from its funds after Guy’s resignation propelled Gartmore into a strategic review.
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