Skandia adds Woodford fund to platform

The head of investment solutions at Skandia said: “Woodford Investment Management has a proven investment approach, which will be in high demand from financial advisers, so we are pleased to have secured a great price for them through our platform.”

Skandia said it had secured a 0.65 per cent ongoing charge share class for the fund, which will join more than 1200 funds on the SelfSelect platform.

The move follows that of Hargreaves Lansdown Vantage, Cofunds and Fidelity, which have all added Mr Woodford’s new fund to their platforms.

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Gavin Haynes, managing director of Bristol-based Whitechurch Financial Consultants, said: “It’s all to do with distribution, and I don’t think this will put the deal struck with Hargreaves Lansdown in jeopardy. However, with the total cost of charges from each platform, it may work out the same.

“Mr Woodford has been astute and looked at who has helped him raise assets and who has backed him in his career — the IFAs. This is paying back; it also is about knowing that they have the ability of raising assets.”