Skandia Investment Group hired Old Mutual Asset Managers to subadvise £95 million ($147 million) in midcap U.K. equities, confirmed Skandia spokesman John Morgan.
The mandate previously was run in large-cap U.K. equities by Mirabaud. “We continue to rate Mirabaud highly; however, their large-cap focus did not suit our desire to have a dedicated midcap mandate for use in our portfolios,” Ryan Hughes, senior fund manager at Skandia, said in a news release.
The assets come from retail funds managed by Skandia; Mr. Morgan said Skandia often uses institutional managers to subadvise on retail assets. Skandia and OMAM are both owned by Old Mutual PLC.