A u-turn has been performed by Skandia as the firm announced it had decided to keep the Invesco Perpetual funds open to investment.

Paul Feeney, chief executive of Old Mutual Wealth, Skandia's parent company, said the reversal showed it had listened to advisers' concerns.

In a statement Skandia said: "Many financial advisers have told Skandia that they want to remain invested in the Invesco Perpetual funds and asked that the funds remain open."
The firm announced last month that it intended to close the Skandia Invesco Perpetual Income and High Income funds on its Skandia Life range.

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Skandia said it had "worked closely" with Invesco Perpetual and Woodford Investment Management following this and was "now confident that the TERs of the funds are stable".
It said: "Furthermore, (it) has been able to reduce the TERs of the Skandia Invesco Perpetual Income and High Income funds to 1.2% (from their current 1.3%) and cap them at that level.
"Given those changes, Skandia is now able to keep the Skandia Invesco Perpetual Income and High Income funds open and will not transfer the assets to the new Woodford Income fund."
Mr Feeney said: "What can I say, but 'we listened'? What we heard from advisers and their customers was that they welcomed the addition of the Woodford Income fund to our life range and the price we have negotiated for them, but they wanted the Invesco Perpetual funds to remain open.
"We have acted to keep those funds open at a reduced cost.
"With the continued support of Woodford Investment Management, we have been able to add the new Woodford fund to the range at the original price.
"This gives advisers and their customers' choice of where their money should be invested."
The reduction and cap on the TERs of the Skandia Invesco Perpetual funds applies to the Skandia Life funds only, not the underlying Invesco Perpetual funds.
The OMW Old Mutual Woodford Income Fund will still be added to the Skandia Life range at the price originally agreed (1.1% TER).
Financial advisers will have the choice to keep their clients invested in the Invesco Perpetual funds or move to the new Woodford fund. The new fund will open in October.