Skandia hands mandate to Jupiter in European Best Ideas shake-up

Skandia Investment Group (SIG) has handed mandates to Jupiter's Cédric de Fonclare and Mandarine Gestion's Marc Renaud in a shake-up of its €590m European Best Ideas fund.

Manager Lee Freeman-Shor has bought in the new duo to replace First Private's Tobias Klien after losing faith in the manager's ability to run a high conviction ten stock portfolio. The new managers will each run €40m mandates, and take the total number of managers running mandates within the fund to ten. Freeman-Shor said the pair's different styles would complement each other well. "Marc Renaud is a value investor whose focus is on contrarian mean reversion opportunities," said Freeman-Shor. "While the turnover of names tends to be low Renaud - who has nearly 30 years experienc...