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SJP drops GAM's Green and THSP in global equity overhaul

by Emma Dunkley on Nov 19, 2012 at 10:26

SJP drops GAM's Green and THSP in global equity overhaul

St James’s Place (SJP) has cut ties with THS Partners and GAM ’s manager Andrew Green, replacing them with two new global equity boutiques.

The two firms being brought on board are Magellan Asset Management, based in Australia, and Edgepoint, based in Canada.

Hamish Douglass, portfolio manager and chief executive at Magellan, has been appointed to run a focused global equity portfolio, taking on the money run by Green, while Edgepoint will run a part of SJP’s Global Equity fund.

Until now, Green has run a £1.7 billion mandate, managing the £330 million Recovery unit trust , as well as the GAM Managed and GAM Managed Distribution life funds.

THS Partners (THSP) – founded by Nils Taube, John Hodson and Cato Stonex – is also seeing its ties with SJP severed.

THSP, which has been the longest-standing fund manager for SJP, ran over £5 billion for the firm until last year, when the wealth manager launched a new Global Equity fund .

At launch, the fund consisted of a core portfolio, with 60% run by BlackRock using an equally-weighted indexing approach, and 40% in four satellite portfolios of 10% each, run by four active managers, including THSP. 

The move meant THSP saw the amount it ran reduced to £1 billion. One reason for the global equity fund was to diversify assets away from THSP, to allow for greater capacity for future asset growth and to eliminate single manager risk.

However, the latest development means THSP will no longer run this 10% of the fund, nor the £800 million International unit trust for SJP.

The Global Equity fund, which originally had THSP, Majedie, Tweedy Browne and Sands Capital running 10% each in the satellite, now has Tweedy Browne, Sands Capital and Edgepoint running a third each of the total 40%.

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