Skandia listens and keeps Invesco Perpetual funds open
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05/09/2014

Skandia has listened to financial advisers and worked closely with Invesco Perpetual and Woodford Investment Management following its announcement that it intended to close the Skandia Invesco Perpetual Income and High Income funds on its Skandia Life range. Many financial advisers have told Skandia that they want to remain invested in the Invesco Perpetual funds and asked that the funds remain open.

Skandia is now confident that the TERs of the funds are stable and, furthermore, has been able to reduce the TERs of the Skandia Invesco Perpetual Income and High Income funds to 1.2% (from their current 1.3%) and cap them at that level.

Given those changes, Skandia is now able to keep the Skandia Invesco Perpetual Income and High Income funds open and will not transfer the assets to the new Woodford Income fund.

The reduction and cap on the TERs of the Skandia Invesco Perpetual funds applies to the Skandia Life funds only, not the underlying Invesco Perpetual funds.

The OMW Old Mutual Woodford Income Fund will still be added to the Skandia Life range at the price originally agreed (1.1% TER), giving financial advisers the choice of whether to keep their clients invested in the Invesco Perpetual funds or move to the new Woodford fund. The new fund will open in October. Woodford Investment Management remains a key fund group partner of Skandia’s.

Paul Feeney, chief executive of Old Mutual Wealth, comments:

“What can I say, but ‘we listened’? What we heard from advisers and their customers was that they welcomed the addition of the Woodford Income fund to our life range and the price we have negotiated for them, but they wanted the Invesco Perpetual funds to remain open.  We have acted to keep those funds open at a reduced cost.  With the continued support of Woodford Investment Management, we have been able to add the new Woodford fund to the range at the original price.  This gives advisers and their customers’ choice of where their money should be invested.”

For more information contact

Tim Skelton-SmithOld Mutual Wealth02380 916 99807824 145 076tim.skelton-smith@omwealth.com

Notes to editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £116.5 billion in customer investments (as at 30 June 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and the Multi-asset investment solutions business.

The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:

• The Multi-asset business is now Quilter Investors

• Intrinsic to Quilter Financial Planning

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• The UK Platform to Quilter Wealth Solutions

• The International business to Quilter International

• The Heritage life assurance business to Quilter Life Assurance

• Quilter Cheviot will retain its name

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