Old Mutual Global Investors (OMGI) is proposing to merge away the Skandia UK Best Ideas fund of funds next month, Investment Week can reveal.
The £118m fund, launched in 2006 and managed by Lee Freeman-Shor, will merge into Simon Murphy's £80m Old Mutual UK Select Equity fund on 11 March, subject to a vote by investors later this month. OMGI said the two funds represented "an area of overlap" in its fund range following the merger of Old Mutual Asset Managers and Skandia Investment Group into OMGI. "The two funds have similar targets and we believe investors will be best served by combining these into one vehicle," OMGI said in a statement. The other Best Ideas funds are unaffected by the proposal, with Freeman-Shor (pic...
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