SIG strips First State of China equity mandate

Skandia Investment Group (SIG) has overhauled the management of its offshore $363m Skandia Greater China Equity fund, handing the mandate from First State to institutional asset manager MIR Investment Management.

SIG said the change of investment manager was made in light of First State closing a number of its open-ended strategies at the end of last year to protect performance. James Millard, the group's chief investment officer, said the change will allow retail investors to access an up and coming investment manager. "Although SIG is supportive of First State's stance to protect its ability to deliver returns for clients, we feel the time is right to change the manager of this fund," said Millard "Our team is always proactively looking to identify the next generation of managers, and we ...