Skandia/Cevian You fund, I’ll manage

Clients of investment funds ought to be demanding customers. But that doesn’t mean they have the right to tell fund managers how to do their job. And that’s why Cevian Capital, the Swedish investment firm, should ignore calls from a state pension fund client to withdraw support for Old Mutual’s takeover bid for Skandia. Investors would have every right to complain if Cevian was straying from its investment style. But the firm’s approach to Skandia has been consistent with its stated intention t...