St James’s Place (SJP) has removed Pimco as the manager of its £944m SJP Multi Asset fund, changing the mandate so that it is sub-advised by three different management teams.
The SJP Multi Asset fund had been run by Mihir Worah, Curtis Mewbourne and Vineer Bhansali at Pimco since it was launched in 2012.
But as of November 10, the fund will be split into three parts, which will be run separately by Invesco Perpetual, Schroders and US firm Payden & Rygel.
The Invesco portion will be run by its Global Targeted Returns team, led by David Millar, and will consist of a portfolio of between 20 and 30 thematic positions.
Mike Hodgson, head of risk managed investments and structuring at Schroders, will run a separate equity portion of the multi-asset fund, while Scott Weiner, Brian Matthews and Brad Boyd at Payden & Rygel will run a fixed income portion.
The management change is another blow for Pimco, which saw co-founder and chief investment officer Bill Gross leave to join rival Janus Capital last week.
SJP has also closed to new investement the two UK equity income mandates that are sub-advised by Axa Framlington’s George Luckraft and opened a new SJP UK Income mandate to be run by Majedie Asset Management’s Chris Reid.
Mr Reid currently manages the £540m Majedie UK Income fund with Yuri Khodjamirian, as well as co-managing Majedie’s UK Focus and UK Equity funds.
The Majedie UK Income fund is in the top-quartile of the IMA UK Equity Income sector since its launch in December 2011, delivering a 74.5 per cent return compared to the average sector return of 47.8 per cent, according to FE Analytics.
