Tim Steer is to take over the Artemis mandate for the Skandia UK Strategic Best Ideas fund from John Wood.
The move reunites Steer who relinquished the UKSBI mandate when he resigned from New Star in March.
The manager change for UKSBI follows last weeks news that Cazenoves Neil Pegrum has been appointed to run a mandate for UKSBI bringing the overall number of managers up from eight to nine.
UK Strategic Best Ideas has been a huge success and has given the underlying managers the freedom to outperform the market during these volatile times, says Skandia Investment Group (SIG) senior fund manager Ryan Hughes. Were therefore delighted that we are able to bring Tim back into the UKSBI fold. He is a fund manager with a proven track record and one which will, I am sure, ensure Artemis continues to make a positive contribution to overall performance.
We are very pleased to continue to participate with the management of such a successful investment product and will endeavour to contribute to the best possible returns with our best ideas, says Richard Turpin, managing director of Artemis Fund Management.
UK Strategic Best Ideas utilises the highly successful Best Ideas formula: the ten best ideas from a selection of world class fund managers combined in a single fund. In this fund particularly, each manager has the flexibility to profit from both rising shares (longs) and falling shares (shorts), maximising the opportunities from which they can potentially make money.
Currently the fund has 84% in long positions and 12% in short positions giving an overall net market exposure of 72%. This is the highest in the funds history indicating the overall view from the combination of world class managers.
Skandia UK Strategic Best ideas remains top decile in the IMA All Companies Sector since launch in September 2007 and is over 14% ahead of the FTSE All-Share Index since launch in September 2007 with less than two thirds of the volatility.
D.C.