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SJP 'reflects on options available' for Woodford funds
by Danielle Levy on Oct 16, 2013 at 08:08
St James's Place (SJP) is looking at the options that are available for the two funds that Woodford runs for its clients, worth some £1.3 billion, following the news that the star manager plans to leave Invesco Perpetual.
Woodford (pictured) is set to leave Invesco in April next year to start his own firm and will continue to manage his Invesco Perpetual High Income and Income funds during a six-month transition period leading to his departure. At the end of that transition, Mark Barnett will take over the funds.Invesco said there would be no change to the funds' investment objectives.
Woodford also oversees two funds for SJP, the £1.2 billion SJP UK High Income and £117 million Strategic Managed funds. Restricted advice firm SJP said the firm was working closely with Stamford Associates to explore the options available.
In a statement, SJP explained: ‘Our investment committee has contingency plans in place for all manager changes. In the time until Neil’s departure, the committee, working closely alongside Stamford Associates, will reflect on the options available and determine the best course of action for the benefit of our clients.'
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