On the go: St James’s Place Wealth Management, with £135.5bn in assets under management, has appointed new managers and terminated a manager for its newly rebranded UK fund. The manager uses a number of different advisers including Redington.
The wealth manager has merged its UK Growth and UK Equity funds into its UK & General Progressive fund, and renamed it the UK fund. The assets under management for this fund stand at £4.6bn, St James’s Place told Pensions Expert’s sister title MandateWire.
It has appointed Baillie Gifford and Los Angeles Capital Management to run the fund. Schroder Investment Management, incumbent manager for the Managed Growth fund, will also handle a portion of the assets.
Meanwhile, Majedie Asset Management has been removed from the strategy.
Commenting on these changes, St James’s Place said: “We continually monitor our fund managers and make changes where required. We believe that the new investment advisers are better positioned to deliver the objectives of the fund.”
RWC Partners, BlackRock and Columbia Threadneedle Investments are the other managers for the UK fund. Each manager will have an equal weighting of the fund’s total assets.
Tom Beal, chief investment officer at St James’s Place, explained that by merging the three funds, “the resultant UK fund will offer a balanced mix of different investment styles that includes quality, growth and value”.
He continued: “Blending managers in such a manner is intended to improve the consistency of returns and ensure that client outcomes are not determined by a single investment style being in or out of favour in the market.”
The changes will take place on July 14 2021.
This article originally appeared on MandateWire.com
