UK wealth manager St James’s Place has removed Pimco as the manager of its £944m SJP Multi Asset fund.
The Multi Asset fund will now be run by Invesco Perpetual, Schroders (SDR) and Payden & Rygel replacing Pimco. The fund aims to provide a balance of income and capital growth over the medium to long term.
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The Invesco portion will be run by its Global Targeted Returns team, led by David Millar, while Mike Hodgson, head of risk managed investments and structuring at Schroders, will run the equity portion of the multi-asset fund and Scott Weiner, Brian Matthews and Brad Boyd at Payden & Rygel will run a fixed income portion.
The SJP Multi Asset fund was previously managed by Mihir Worah, Curtis Mewbourne and Vineer Bhansali at Pimco since 2012.
In addition, St James’s Place plans to launch a new UK income fund on 10 November, which will be managed by Majedie Asset Management’s Chris Reid.
SJP has also shut down its two UK equity income mandates to new investments including Allshare Income unit trust and Diversified Income fund.
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By GlobalDataThe move follows recent departure of Pimco’s investment chief, Bill Gross.
Chris Ralph, CIO of St. James’s Place, said: "The change will allow for the potential for strong returns and greater capital protection over the medium term and a reduction in the external management charge.
"The new structure allows our clients to benefit from the combination of the three teams’ different skills and approaches and the potential for strong returns and greater capital protection over the medium term," he added.
