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St James's Place drops GAM's Green and THSP in global equity overhaul

St James's Place drops GAM's Green and THSP in global equity overhaul

St James’s Place has cut ties with THS Partners and GAM’s manager Andrew Green (pictured), 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 officer 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 – founded by Nils Taube, John Hodson and Cato Stonex – is also seeing its ties with the wealth manager 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%.

Chris Ralph, chief investment officer at SJP said: ‘We are looking for interesting new long-term opportunities – we don’t focus on short-term performance.

‘We were looking for new interesting fund managers and we’ve made two appointments which will enhance our offering.’

Over three years, Green has delivered 14.78% to the end of October, versus the benchmark’s 24.65% over this time period.

Over 20 years, THS's global equity strategy has returned 10.4% p.a, versus the MSCI World Index Total Return's 6.9% per annum.

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