Woodford Investment Management, with the backing of Oakley Capital Management and Threadneedle Investments are about to receive the lion's share of the former IP-run assets with the transfers expected to take place within the month.
SJP is switching three of its client funds – UK High Income, Income Distribution and UK Equity – from Invesco Perpetual to Woodford Investment Management. The three funds have a combined AUM of £3.65bn.
Newman: 'delighted'
Threadneedle will assume management of two of SJP's 'strategic' mandates with a combined AUM of £3.53bn, which will be jointly managed by UK equity manager Richard Colwell, global equity manager Stephen Thornber and head of fixed income Jim Cielinski.
Craig Newman, head of retail asset management at Oakley Capital Management, said: "We are delighted that St James's Place wants Neil to carry on managing money on behalf of its clients, ensuring that their long-term relationship continues. It is a huge endorsement, not only of Neil, but also of Woodford Investment Management, which is currently seeking regulatory approval."
Threadneedle head of wholesale distribution, EMEA Gary Collins said: "We look forward to working with St. James’s Place and delivering for their clients.
"We believe the combination of Richard Colwell’s unconstrained contrarian UK Equity strategy, our 'quality income' global equity capability run by Stephen Thornber, and Jim Cielinski's extensive fixed income expertise provides an excellent solution for investors in the Strategic Managed fund."
Manulife has also picked up a smaller mandate worth £719m, being awarded the Global Equity Income Fund, having landed the managers Paul Boyne and Doug MaGraw just over a year ago, following their separate departure from Invesco Perpetual.
IP will continue to run the £1bn St James's Place Corporate Bond Fund.
