The mandate in the Skandia Global Best Ideas Fund is worth £38m and the one in the Skandia UK Best Ideas Fund is worth £24m.
SIG said Steer and his team have a wealth of experience and an enviable track record in the UK equity space and that he is a stock-picker in the truest sense.
"He forensically examines a company’s report and accounts and places significant emphasis on a company’s management, while examining the broader attractiveness of a company considering the industry it operates in, market themes and how the company looks through the eyes of the quant tool he uses."
Steer will invest across the market capitalisation spectrum and SIG said this combined with his current track record managing the long/short best ideas mandate within the Skandia Strategic Best Ideas Fund, makes him ideally suited to the Best Ideas concept.
The UK Best Ideas Fund has six mandates, including one run by Richard Buxton from Schroders, Peter Lees from F&C and James Inglis-Jones from Liontrust.
Meanwhile, on the Global Best Ideas Fund Steer will join Buxton, Daniel Nickols from Old Mutual Asset Management and Richard Plackett from BlackRock in managing the fund’s 50% allocation to UK equities.