Skandia, the Swedish mutual group, has announced that its life insurance fixed income team has taken over management of fixed income portfolios from DNB for products available from the group's fund manufacturing arm Skandia Fonder as it seeks to build volume in the Swedish institutional market.
Skandia, the Swedish mutual group, has announced that its life insurance fixed income team has taken over management of fixed income portfolios from DNB for products available from the group’s fund manufacturing arm Skandia Fonder as it seeks to build volume in the Swedish institutional market.
The change means that the fixed income team overseeing some SEK100bn (€11.2bn) in fixed income assets under management for the group’s life insurnace portfolio have also taken over management of Skandia Fonder’s suite of Swedish fixed income portfolios, which have some SEK10bn in AUM.
The change does not impact the investment funds per se, but is being done more for business strategic reasons, according to Annelie Enquist, CEO of Skandia Fonder.
She said that the change would enable the group to better use its internal resources to support its ambitions to grow volumes in what would be a new customer segment for the asset manager: institutions.
“DNB has managed our fixed income funds well until now, but we see even greater opportunities through our own management,” Enquist said.
While Skandia has internalised management of its Swedish fixed income funds, DNB remains in the picture as one of a number of external managers appointed to run portfolios by Skandia Fonder, according to information available from the Swedish asset manager’s website.
This shows that DNB is still managing a number of equity, balanced, fund of fund and leveraged portfolios including: Skandia Balanserad, Skandia Cancerfonden, Skandia Europa Exponering, Skandia Försiktig, Skandia Global Exponering, Skandia Global Hedge, Skandia Japan, Skandia Nordamerika Exponering, Skandia Norden, Skandia Offensiv, Skandia Skala 1:5, Skandia Skala 2:5, Skandia Skala 3:5, Skandia Skala 4:5, Skandia Skala 5:5, Skandia Småbolag Sverige, Skandia Sverige, Skandia Sverige Exponering, Skandia Time Global and Skandia Världsnaturfonden.
Other managers used by Skandia Fonder include Goldman Sachs Asset Management, Wellington Management International Limited and Lazard Asset Management.