THE LAUNCH OF Skandia's Hong Kong mutual fund range last week was evidence of the global ambitions of the diversified Swedish insurance group.
All the company's business is now in long-term savings investments, typically investment-linked insurance products with an element of tax shelter or deferment.
Last Tuesday, Skandia launched a package of retail funds in Hong Kong under its name, but managed by selected third parties. The 13 funds in the Skandia Global Funds sub-advised package are already on sale in Europe, the United States and Latin America and are distributed through financial advisers.
Skandia Global Funds chief executive Christian Thwaites said it was difficult for any financial services company to outsource fund management, but the result was a broader choice and better product for customers.
'You need the resources. You need analysts and need experience at looking at managers. Very few companies actually have that. But the emotional barrier is higher than the technical barrier.
'As a fund sponsor, you have to make a very difficult decision to do this. You have to say: 'We are good in some areas but not all, and we are going to find the best external managers'.