Following the move of the Wealth Select range of funds, which works with a limited range of fund groups with the intention of offering investors a ‘best of breed’ approach, into the Old Mutual Global Investors product suite, it was “agreed” that the most appropriate move was for Millard to leave the firm, according to a Skandia spokesperson.
Millard will finish at the end of the month, having first joined Skandia more than a decade ago.
John Ventre, who heads up the multi-manager team at OMGI and runs the managed portfolio service for advisers, will take over both ranges.
Skandia said it made sense for Ventre and his multi-asset team to look after both offerings, possessing the portfolio management, fund selection and asset allocation capabilities.
The spokesperson said both would use risk-targeting tools and the managed portfolio service would sit in the 3-10 categories of risk targets, with 10 being the highest risk.
The launch of Wealth Select was initially delayed until early 2014, seemingly while details of this restructure were being worked out.
Millard joined Skandia Investment Group in 2002 as head of Asia Pacific research. He has since held a number of senior investment research roles, including CIO and became director of investments at OMGI and most recently Old Mutual Wealth, a title he took up 11 months ago.
