AEGON Asset Management has been handed a £130million mandate by Skandia Investment Group (SIG), one of the largest ever single UK mandates.
The mandate, which covers the full range of SIG funds, had been managed by Lazard, but is now to be run by AEGON's Audrey Ryan, who manages assets for SIG in four other Skandia funds. The mandate will be managed in a similar line to AEGON UK Opportunities Fund, which outperformed the FTSE All Share Index by over nine per cent over the last three years.
"With increasingly unpredictable markets our view is that we needed a more pragmatic approach going forward," explained Ryan Hughes, SIG's senior fund manager. "While we have been pleased with the progress made by Lazard we now felt there was a need to change to a manager more suited to the current investment environment."
Steve Kenny, head of European retail sales at AEGON Asset Management, added that this latest mandate win is an endorsement of the UK Equity team.
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