EUROPE/US – Invesco has been ousted by US firm Blackrock International as fund manager for Skandia Global Funds’ 65 million dollar (59.8 million euro) pan-European equity fund.

The decision to change manager was triggered by "recent restructuring at Invesco resulting in the loss of a number of investment professionals, including five members of the London-based European desk," says Skandia Global Funds (SGF), which has led the investment committee to believe that the Invesco team "now lacks the experience and expertise required to effectively meet the objectives of the mandate."

Invesco, which has managed the fund since its inception in September 2000, has been replaced by Blackrock International, which, says Robert Williams, marketing director at SGF, "has an excellent record in the management of pan-European equities" evidenced in the performance of the Skandia-Blackrock European equity ex-UK fund.

Invesco declined to comment on the loss of business.

The fund, now renamed Skandia-Blackrock European equity fund is a large-cap growth fund. The portfolio includes companies that have a predominant proportion of their assets or operations in Europe.

Invesco’s Denver-based US equity team will continue to run SGF’s US capital income mandate.

Skandia Global Funds is a subsidiary of the Skandia Insurance Company, Scandinavia’s oldest and largest insurance company with assets under management in excess of 50 billion dollars. SGF is a variable capital investment company established in the Republic of Ireland.