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Skandia to close two funds

Thursday 28th August 2014

Skandia has this week announced that it will be closing its versions of the Invesco Perpetual Income and High Income funds, and will be moving investors in these funds into their new version of Woodford Equity Income on October 9th 2014.
The firm say they have done this on the back of investor feedback, and because they believe it will be in the best interest of their clients.
Laith Khalaf, Senior Analyst, Hargreaves Lansdown commented: ”We suspect Skandia will be the first in a line of life companies who switch Invesco Perpetual investors into Woodford’s new fund. This is still a pretty bold move. Life companies do close funds from time to time because of lack of investor interest, but to switch from one manager to another in this way is a highly discretionary call.”
“On one level the switch does make some sense- most savers will have invested to get access to Woodford in the first place. However, closing the Invesco funds down leaves no option for those investors who are happy with the job Barnett has done and who want to stick with him,” he added.

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