St James’s Place is overhauling its Global Equity Income fund by dumping Manulife Asset Management from the mandate and replacing it with three value managers .
The SJP Global Equity Income fund has been run by Paul Boyne since 2015 but will be rebranded the SJP Global Value fund, the company said in a press release.
SJP Global Equity Income fund performance
| 6m | 1yr | 3yr | 5yr | |
| SJP Global Equity Income | -4.41 | -2.16 | 13.99 | 52.62 |
| MSCI World index | -0.08 | 3.79 | 27.33 | 77.05 |
Source: FE Fundinfo
Pzena Investment Management, Sanders Capital and Artisan Partners will take on the mandate in a multi-manager approach with the former taking on responsibility for 50% of the portfolio while the latter two will take on 25% each.
SJP CIO Tom Beal (pictured) described value as “one of the most established and successful ways of investing in equities” although he acknowledged it had been out of favour for the past decade.
“Pzena has a highly structured investment process focusing on unearthing deeply undervalued companies, while Sanders Capital typically take a broad view when defining value, believing that companies with relatively robust valuations can still be undervalued relative to their long-term potential,” said Beal.
“In the case of Artisan, they have a proven track record over many years of managing the Global Managed fund for St James’s Place, constructing a diversified portfolio of undervalued global companies.”
External consultants Rocatan facilitated the search for the replacement managers on the fund. The are effective from 20 July.
