Swedish independent adviser Småspararguiden (guide for small savers,-ed.) has fired shots at life insurance giant Skandia’s fund subsidiary, Skandia Fonder, for poor returns, high fees and misleading marketing related to three funds.
The adviser specifically took aim at funds sold under the "SMART"-banner, a name Skandia Fonder say is simply an abbreviation for Skandia Multi-Asset Return Target. Småspararguiden has disregarded this explanation entirely and has reported the fund manager to the Swedish Consumer Protection Agency because "the funds are anything but smart", according to a recent newsletter to customers.
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