Skandia Investment Group has ditched Carnegie Asset Management as manager of its Healthcare Fund in favour of OrbiMed Capital.

US firm Orbimed is best known for managing the Finsbury Worldwide Pharmaceutical Trust in the UK.

The firm will manage the £62 million ($95.8 million) Skandia fund on an exclusive basis 'subject to certain conditions for at least the next three years'.

Ramon Eyck, head of equity research at Skandia Investment Group, lauded the performance of the portfolio management team led by Samuel Isaly and Sven Borho.

He added, 'The collective expertise of the team, which includes a range of former scientists, medical doctors, researchers and financial analysts, give them a competitive advantage which we believe will lead to strong positive performance for investors in the fund.'

Carnegie Asset Management had been managing the fund since its inception in April 2006.