Independent advisor brands three Skandia funds "a fiasco"

An adviser reports Skandia's fund subsidiary to the Swedish Consumer Protection Agency for misleading marketing. The fund manager's CEO Annelie Enquist tells AMWatch the firm disagrees with the criticism and points to measures already taken to improve returns.

Photo: PR / Skandia

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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