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St James's Place makes raft of fund manager changes

National advice group changes managers on a number of major strategies, including £3 billion Balanced Managed and £1.2 billion Alternative Assets funds.

 
St James's Place makes raft of fund manager changes
 

National financial advice group St James’s Place (SJP) has changed managers on a number of its major fund strategies.

The changes, which take effect from 30 July, include:

  • The manager of the Alternative Assets fund (with assets of £1.2 billion) will switch from BlackRock to Boston-based Wellington Management, with Steve Gorman as lead manager.
  • The Continental European fund (£387 million) currently managed by Stuart Mitchell from SW Mitchell, will switch to Ken Hsia from Investec Asset Management.
  • Hsia will also join as a co-manager of the Greater European Progressive fund (£1.2 billion) alongside existing co-managers Ken Broekaert of Burgundy and Stuart Mitchell.
  • The £3 billion Balanced Managed fund, which has been managed by AXA Framlington will be moved to a joint management team of Ben Inker of GMO, which will run 80% of the strategy, and Mark Baribeau of Jennison Associates, which will take 20%.

St James's Place also announced Majedie Asset Management, managers of the UK & General Progressive and UK Growth funds, would be given additional flexibility to invest up to 20% of its strategy in overseas equities.

Chris Ralph, St James's Place chief investment officer, said: ‘The Alternative Assets fund will look to combine both systematic and fundamental investment strategies across a range of asset classes. As one of the largest investment houses in the world, we believe the multi-asset team at Wellington Management has the resource and expertise to provide attractive returns for investors over the medium to long-term.'

4 comments so far. Why not have your say?

AngryfromManchester

May 25, 2018 at 17:14

Is this going to reduce SJP's extortionate charges at all?

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Andrew Stevenson

May 25, 2018 at 20:43

I hope not, I've got shares in SJP (had them since 2002). But having seen those charges definitely wouldn't be a client....

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Sinic

May 26, 2018 at 18:08

You have to be very rich, very lazy or very naive or all three to choose SJP as your financial advisor. Since I am none of these things I ended my relationship with SJP fairly soon after it started; fortunately they only managed a small portion of my portfolio and their performance compared with my own was poor and their costs outrageously expensive.

Andrew Stevenson's comment puts me in mind of Ryanair. A company which you might well choose to invest in but one you would never choose to be a customer of yourself.

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Charlie Llewellen palmer

May 29, 2018 at 12:54

Subsidised by the FCA who allow SJP to opt out of COBS Rules 6.1A.9R and 6.1A.14 A R.

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