On August 22, 2014, FTAdvisor.com reported that Skandia will close its £640 million Invesco funds, repositioning clients from its Skandia Life insurance range to its WealthSelect Range, and moving them into the newly created OMW Old Mutual Woodford Equity Income Fund.
On August 22, 2014, FTAdvisor.com reported that Skandia will close its Skandia Invesco Perpetual High Income fund and Skandia Invesco Perpetual Income fund. The Invesco funds were positioned in Skandia’s Life Insurance range, with a total mandate of £640 million. Clients and funds will be transferred into a newly created OMW Old Mutual Woodford Equity Income Fund, which will be positioned with Skandia’s WealthSelect Range. Skandia notified advisors and clients last year of plans to restructure Skandia Life funds, but delayed the restructure of the Invesco funds due to Neil Woodford’s departure from Invesco. Woodford previously managed the underlying Invesco funds. Skandia plans to transfer all current holdings in the former Invesco funds to the newly launched fund from Neil Woodford’s new platform, Woodford Investment Management. The transactions are subject to FCA approval.
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