Skandia's decision to switch pension clients out of its Invesco Perpetual Income mandates and into Neil Woodford's new CF Woodford Equity Income fund is expected to cost investors over £6m in trading costs.
Skandia yesterday announced it would be transferring clients currently invested in mirror versions of Neil Woodford's former Invesco funds - now run by Mark Barnett - into a Skandia-mirror version of Woodford's new fund in October. Whilst not having discretionary powers, by opting to close its own-branded versions of the Invesco funds the platform is obliging clients to move to a new fund and hence incur costs, unless they wish to liquidate their investment. Another option would have been for Skandia to keep open the existing Invesco Perpetual mandates - which have £640m invested in t...
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