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.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The 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.