Skandia is to add clean share classes to its UK platform following HM Revenue & Customs’ decision that rebates to customers are taxable.
Investment platform Skandia has criticised plans by the UK Financial Services Authority’s (FSA’s) to outlaw rebates on ‘legacy’ business paid by fund groups to platforms from 2016.
Figures reported by Old Mutual Wealth – the business comprising the remainder of Skandia owned by the company as well as Old Mutual Global Investors – suggest its assets grew 10% to £69.2bn through 2012 on a like-for-like basis.
Old Mutual Global Investors (OMGI) is set to propose merging away the Skandia UK Best Ideas fund of funds next month.
Skandia in the UK, part of Old Mutual Wealth, has created a team to develop new investment solutions for UK and international business.
Skandia in the UK, which is part of Old Mutual, has agreed a deal with eight external fund groups whose funds will feature in its restricted panel.
Old Mutual said it is “progressing well” with plans to build Old Mutual Wealth into a leading wealth management business, but is taking further steps to address its cost base.
The Skandia label could disappear in the UK as part of an overhaul by parent Old Mutual, which is rebranding its merged asset management businesses as Old Mutual Global Investors.
Skandia UK has launched an iPad app for financial advisers in the UK to use when assessing client attitude to risk.