Skandia

Skandia, one of the UK's largest platforms, has reported a £2m profit in 2012 following a surge in funds under management.

Colin Jelley has returned to Skandia as head of wealth planning following a brief stint at St James's Place (SJP).

Skandia has announced the full list of funds which will make up its Select range, following months of negotiations with fund groups.

Old Mutual Global Investors (OMGI) is proposing to merge away the Skandia UK Best Ideas fund of funds next month, Investment Week can reveal.

Platform giant Skandia has reversed its post-RDR stance requiring advisers who take a percentage fee to get a new client agreement every time a top-up into an investment is made.

Paul Feeney has told Investment Week the terms negotiated on Skandia's soon-to-be-launched Select fund range will enable the group to offer the "best model portfolio service" to UK advisers and help them take power back from other distributors.

Paul Feeney, chief executive of Skandia's parent company Old Mutual Wealth, has vowed to tackle a series of administration problems that have affected advisers since the start of the year.

Fidelity FundsNetwork has joined the growing number of platforms looking to benefit from an exodus of Skandia sales staff.

Skandia has stepped up the pressure on peers in the platform space after moving to undercut competitors on key funds including Neil Woodford's Invesco Perpetual Income and High Income funds.

Alliance Trust Savings (ATS) has boosted its intermediary sales team from one to eight members as part of a push into the advised market.