Skandia to overhaul equity and bond income funds

Skandia Investment Group is planning to revamp Francois Zagame's Equity Income fund of funds, giving it a global remit and changing it from a fund of funds to a single manager portfolio.

Subject to shareholder approval, O'Shaughnessy Asset Management will take on management of the £66m fund, and its multi-manager strategy will change. The fund will also be renamed Skandia Global Equity Income. In the letter to shareholders Skandia says the fund will benefit from the management of a single investment adviser. The change is structure may also reduce the charges on the fund, the group adds. The letter adds there are more significant opportunities to exploit in generating both income and growth in investments in companies around the world as opposed to the UK. "The fun...