Skandia platform to launch model portfolio service

Skandia platform operator Old Mutual Wealth is to launch a range of model portfolios constructed from its Select range of funds, which are run by external fund managers.

The portfolios are slated for launch in the first quarter of next year on the platform, and will coincide with the official launch of the 23-strong Select range. They will be managed by James Millard’s investment solutions team, which developed the Select products.

A spokesperson for the group said advisers would be able to build their own portfolios or use one of the models put together by Mr Millard’s team.

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Although the Select funds - which include products run by Invesco Perpetual, Threadneedle and Schroders - have already been built and launched, they are not yet being marketed by OMGI or Skandia and currently have a minimum investment of £5m. This will be reduced when OMGI begins marketing the products in the new year.

OMGI is yet to determine whether the products will be risk-rated, or even how many there will be.