Skandia dumps Invesco for Woodford on £640m mandate

Skandia has handed £640m worth of life mandates currently run by Invesco Perpetual's Mark Barnett to Neil Woodford, in a move Hargreaves Lansdown analysts suggest may be the first of many.

Skandia said it is to close the Skandia Invesco Perpetual Income and High Income life mandates - run by Barnett since March this year - switching money into its own version of the Woodford Equity Income fund, following client demand. A Skandia spokesperson said: "The Invesco Perpetual funds were previously run by Neil Woodford, and following client demand we are making this change so our clients can still have access to his fund." Skandia will switch the money across on 9 October. The company said in a letter to investors that the cost of the switch would amount to around 1%, repre...