St James’s Place announces fund management shake-up

Wealth manager St James’s Place has announced a host of management changes to its externally managed funds.

Asset management behemoth BlackRock will no longer manage the £470m St James’s Place Alternative Assets fund.²

Sitting in the IA Flexible Investment sector, the fund has returned 5% compared to a sector average of 38%, over the past five years.²

US-based Wellington Asset Management will now take on responsibility for the fund, with Steve Gorman appointed Lead Manager.

Investec Asset Management’s Ken Hsia will assume responsibility for the Continental European fund and will also co-manage the Greater European Progressive fund.

The AXA Framlington Managed fund will be renamed the Balanced Managed fund, no longer coming under AXA’s mandate. The £777m Balanced Fund will instead be led by a management team consisting of Ben Inker from GMO and Mark Baribeau from Jennison Associates.¹

The mandate for Managers of the UK & General Progressive and UK Growth funds has been extended, allowing them to invest up to 20% of their strategies in overseas equities.¹

Chris Ralph, Chief Investment Officer at St James’s Place, says: “These changes reflect our distinctive investment management approach and commitment to selecting the best Fund Managers from across the globe. This ultimately provides clients with a diversified range of funds to meet any investment objective.”

Sources:

Source 1 – https://www.ftadviser.com/investments/2018/05/25/st-james-place-announce-fund-shake-up/

Source 2 – https://www.ftadviser.com/investments/2018/05/25/bottom-ranked-470m-sjp-fund-dumps-blackrock/

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All figures correct as at 19.11.2018.