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View the article online at http://citywire.co.uk/wealth-manager/article/a744646

Invesco loses £7bn to Woodford & Threadneedle in SJP overhaul

by Dylan Lobo on Apr 03, 2014 at 13:50

He added: 'We believe the combination of Richard Colwell’s unconstrained contrarian UK Equity strategy, our ‘quality income’ Global Equity capability run by Stephen Thornber, and Jim Cielinski’s extensive fixed income expertise provides an excellent solution for investors in the Strategic Managed fund.'

In other changes SJP will seed an Emerging Markets Equity fund with £5 million, to be managed by US-based Wasatch Advisors.

SJP chief investment officer Chris Ralph said in a statement: 'This round of appointments and fund changes is the most significant and high profile in our 23 year history. These changes are important in terms of the number of clients affected and the scale of the assets involved.'  

He added: 'St James’s Place’s ability to provide our clients with peace of mind through a seamless transition to new fund managers, such as Woodford Investment Management, a new fund management company, is a tangible demonstration of the benefits of our investment approach [and] long-standing relationship with high [a] quality manager.'

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4 comments so far. Why not have your say?

Philip Milton

Apr 03, 2014 at 15:41

So Neil will be a small boutique manager from now on and into his dotage.... just the odd £7billion here and there so he won't be constrained by stock selection then as the funds start growing...? He could almost have stayed where he was!?

That said, how long-term will the mandate be, as if it moves for whatever pressures (and third party mandates can be very fickle and shorter-term than many managers might like for a style to work sometimes) it would also constitute an even bigger loss to the new firm than the 'small' loss to Invesco.

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Whatever the weather

Apr 04, 2014 at 08:18

As usual, Milton has missed the minor details. Woodford AND Threadneedle have taken £7bn from Invesco. The assets at Threadneedle will probably not impair Woodford very much.

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Philip Milton

Apr 04, 2014 at 10:06

No need to be rude, wet weather man!

You're right of course, Threadneedle is taking half of that but I suspect Neil will secure other mandates too - as well as direct investment of course. So when does a boutique manager no longer be a boutique manager because of funds managed?

I wish Neil well in his new position. I'm old enough too, though, to remember the days of Skandia pressurising him and almost having the Invesco funds taken-off its platform for under-performance - Jim Roberts was at the helm driving that at the time I believe. These things do happen.

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Whatever the weather

Apr 04, 2014 at 10:15

Did anyone really believe he was going to run a tiny boutique with a couple of hundred million under management?

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