View the article online at http://citywire.co.uk/new-model-adviser/article/a744637
SJP hands Woodford £3.65bn mandates as Invesco loses out
by Jun Merrett on Apr 03, 2014 at 13:18
Restricted advice group St James's Place (SJP) has backed star manager Neil Woodford’s new venture by appointing him to run mandates of around £3.65 billion instead of his old company Invesco.
Woodford (pictured), previously managed the UK Equity, Income Distribution and UK High Income funds for SJP while at Invesco, but his announced departure in October 2013 led to the restricted advice firm putting the mandates under review.
SJP announced today that it will give the mandates to Woodford rather than stick with Invesco.
SJP has overhauled a range of mandates, from which Invesco Perpetual has lost out on running a total of £8 billion.
It will no longer run the £3.2 billion Strategic Managed fund and £164 million Strategic Managed Unit Trust which have both been given to Threadneedle Investments.
Invesco also lost out on the £720 million Global Equity Income fund mandate which was passed over to Manulife. Fund managers Paul Boyne and Doug McGraw previously managed the fund under Invesco Perpetual until they joined Manulife in December 2012.
Invesco will continue to run the £1 billion SJP Corporate Bond fund.
Craig Newman, head of retail asset management at Oakley, said: ‘We are delighted that St James’s Place wants Neil to carry on managing money on behalf of its clients, ensuring that their long-term relationship continues.
'It is a huge endorsement, not only of Neil, but also of Woodford Investment Management, which is currently seeking regulatory approval.'
Chris Ralph, SJP chief investment officer, said: ‘We are excited to continue our relationship with Neil Woodford, Paul Boyne and Doug McGraw and also introduce new fund managers to the clients of St James’s Place that are not otherwise available to UK retail investors.’
News sponsored by:
As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
Today's top headlines
Alastair Mundy met Citywire's Daniel Grote at the London Stock Exchange Studios for a detailed interview about the Investec Cautious Managed fund.
More about this article:
Look up the funds
- Invesco Perpetual High Income Inc
- Invesco Perpetual Income Inc
- Invesco Perpetual UK Equity Gross-Pen
Look up the shares
Look up the fund managers
More from us
- Invesco's Barnett to head Edinburgh Investment trust as fees cut
- Neil Woodford to join Oakley Capital
- Outflows from Woodford funds hit £2 billion
- Anxious advisers eye Woodford’s new venture
- Woodford to leave Invesco to launch own fund group
- Barnett takes over Woodford funds ahead of schedule