Restricted adviser network St James’s Place (SJP) is to split an £8bn mandate between Threadneedle and Neil Woodford’s new venture when the star manager leaves Invesco Perpetual this month.
Mr Woodford will officially leave Invesco Perpetual at the end of April, and will retain the management of the £3.5bn SJP UK High Income mandate with SJP when he starts at his new venture, the network’s marketing and communications director Andrew Humphries told Investment Adviser.
Craig Newman, head of retail asset management at Oakley Capital Management, which is backing Mr Woodford’s new company, 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 is set to take on the remainder of the assets, including the £3.2bn SJP Strategic Managed fund. The fund will be managed by UK equity income manager Richard Colwell, global equity manager Stephen Thornber and head of fixed income Jim Cielinski.
In a further blow to Invesco, SJP will also transfer its £665m Global Equity Income mandate from Invesco Perpetual to Manulife, where it will be managed by former Invesco managers Paul Boyne and Doug McGraw.
Mr Woodford has already passed management duties for the Invesco Perpetual Income and High Income funds to his successor Mark Barnett. Last week the Henley-on-Thames-based company revealed that the High Income fund had been removed from the IMA UK Equity Income sector as it failed to hit the sector’s yield requirements. The Income fund and Mr Barnett’s UK Strategic Income fund are both likely to follow, the company said.
Elsewhere SJP has launched an emerging markets equity fund, to be run by US company Wasatch Advisors.
