Mitchell had managed the £102.4m Continental Europe fund since 2007 and co-managed the £651.12m Greater European Progressive since 2009.
Investec Asset Management’s Ken Hsia will take over management on both funds.
Blackrock has also been dropped in the SJP shake up, while a new manager for the Axa Framlington Managed fund has been announced, and changes to several UK equity funds have been announced.
SJP chief investment officer Chris Ralph (pictured) said the changes reflect the firm’s commitment to selecting the best fund managers on offer.
“Under the leadership of Ken Hsia, the Continental European fund will focus on investing in high-quality companies, adopting a consistent investment philosophy across changing market conditions,” Ralph said.
Blackrock swapped out
The Blackrock Market Advantage Strategy team has been ditched for US-based Steve Gorman of Wellington Management on the £362.74m Alternative Assets fund.
Ralph said Wellington Management was one of the largest investment houses globally. “We believe the multi-asset team at Wellington Management has the resource and expertise to provide attractive returns for investors over the medium to long-term.”
SJP also announced Ben Inker of GMO and Mark Baribeau of Jennison Associates will assume responsibility for the £788.5m Balanced Managed fund, previously known as the Axa Framlington Managed fund.
Ralph said the fund blends two complementary investment styles and provides greater flexibility to allocate across asset classes over a market cycle. GMO will lead a value-orientated asset allocation strategy exclusive to SJP investors in the UK, and Jennison Associates will manage a concentrated portfolio of global equities, Ralph said.
SJP funds performance
| 1yr | 3yr | 5yr | |
| SJP Alternative Assets | 0.25 | 3.56 | 5.43 |
| SJP Balanced Managed | 4.36 | 18.72 | 36.33 |
| SJP Continental European | 6.62 | 33.06 | 56.84 |
| SJP Greater European Progressive | 1.33 | 26.89 | 51.98 |
Source: FE Analytics
UK investment universe expands
Meanwhile, Majedie Asset Management, manager of the UK & General Progressive and UK Growth funds, will be given additional flexibility to invest up to 20% of its strategy in overseas equities.
Ralph said the greater flexibility was in the best interests of clients.
