UK wealth manager St James’s Place (SJP) has ended £7.7 billion (US$12.81 billion) fund management mandates with Invesco Perpetual as one if top fund manager, Neil Woodford, quit the firm to join Oakley Capital Management.
SJP will reallocate three mandates with combined assets of £3.65 billion to a new venture being set up by Woodford, who managed SJP funds since 2001.
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The new venture, Woodford Investment Management, is backed by Oakley Capital Management.
Threadneedle Investments has selected to manage other two funds which have £3.35 billion under management.
However, Invesco Perpetual will continue to manage a corporate bond mandate for St James’s Place with assets of around £1 billion, according to Reuters.
SJP CIO Chris Ralph told Reuters that St James’s Place, which is about to join London’s blue-chip FTSE 100 index, had faced questions from shareholders and clients about its plans for the funds run by Invesco Perpetual since Woodford announced he was leaving.
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