Abbey National, the UK banking group, has moved a further fund to a multi-manager basis, outsourcing its underperforming £160m (€237m) Scottish Mutual Opportunity unit trust to Goldman Sachs Asset Management and Invesco Asset Management.

The fund, which had been managed by State Street Global Advisors since January when Abbey National moved to a third party fund management model, will be split equally between Goldman Sachs and Invesco.