Skandia gets nod to enter supermarket

Australian Skandiais preparing to launch its own personal superannuation and allocated pension products after confirming today that it had managed to obtain Approved Trustee Status from theAustralian Prudential Regulation Authority (APRA).

The company, which has operated a ‘manage the manager’ operation from Sydney since July 1 last year, will this week launch a Product Disclosure Statement outlining its personal super and allocated pension plans for retail investors.

Australian Skandia managing director Ross Laidlaw did not reveal details about the new products, other than to say they would be modelled on the company’s already established retail products.

“The [personal super and allocated pension products] should have the same look and feel as our managed funds products,” he says.

Skandia’s retail managed funds products list includes 21 investment managers, the majority of which are leveraged off Skandia’s global network of managers, while there are also some unique to the Australian market.

Laidlaw says the group’s latest move into superannuation is more a reflection of the drive by Skandia worldwide towards super and pension products, than a reflection of an adaptation to the well-entrenched superannuation market in Australia.

Skandia will be using its relationship with independent financial advisers throughout Australia to distribute the superannuation and pension products to retail clients.

“We already have established relationships with more than 100 advisers, or 60 groups,” Laidlaw says.

Skandia has offices in Sydney, Brisbane and Melbourne, and is looking to open an office in Perth.