Old Mutual Wealth has cut Columbia Threadneedle in favour of JPMorgan Asset Management on its WealthSelect range’s US equity offering after a lengthy review period.
The firm had used Threadneedle’s American Select strategy since the launch of its restricted fund range in 2014 but has now switched the mandate to JPMAM’s Timothy Parton, who runs the US-based Growth Advantage fund.
The move comes after a review of the holding following the departure of Threadneedle manager Cormac Weldon for Artemis in April 2014.
The fund was subsequently taken over by Diane Sobin, now head of US equities at the firm.
Nathan John, investment marketing manager at Old Mutual Wealth, said: “While the [Threadneedle] fund remains of high quality we have made a positive assessment of the JPMorgan investment managers, and their approach to managing money through different types of market conditions.
“We believe that the improved investment performance expected from the new investment manager will deliver better customer outcomes.”
The name of the fund will now change to Old Mutual JPM US Growth Advantage. The objective will also change to reflect JPMAM’s investment style, which has a greater focus on growth and large-cap stocks.
