UK - Financial services group St James's Place Capital has rebuilt its pensions and life portfolio in a bid to capitalise on the stellar performances of certain individual fund managers.
At least three star managers have been signed up among a raft of mandates worth £1.13bn – £244m of which is pension fund money.
Managers named are Invesco Perpetual’s star performer Stephen Whittaker – who will pilot a fixed income portfolio – and Aberdeen Asset Management’s Far Eastern specialist, Hugh Young, who will manage a £76m brief from Singapore.
Also named was Singer & Friedlander’s head of continental European equities, Nick Williams, who will oversee a £135m mandate.
Invesco’s four awards totalled £761m – UK equities and balanced briefs went to Invesco Perpetual, while Kentucky-based Invesco National Asset Management won a brief to manage SJPC’s £38m North American equities portfolio.
A £156m gilts mandate went to Deutsche Asset Management.
SJPC said its previous portfolio managers had not failed to deliver but that the new awards were “value judgements” based upon a review of other managers in the marketplace.
Cazenove Fund Managers, Newton Investment Managers and Credit Suisse Asset Management were casualties of the restructuring.
SJPC executive director Callum Girvan said: “We wouldn’t put it down to performance. Cazenove has been on board for years and their balanced brief was a key brief for us. However, we are looking forward all the time and after careful consideration, our conclusion was that Stephen Whittaker [at Invesco Perpetual] could add a lot of value.”
Girvan said that while both Newton Investment Management and Credit Suisse Investment Management had “on the face of it” delivered good performance, the departure of key managers — namely Toby Thompson from Newton and Patricia Maxwell-Arnot from Credit Suisse — had influenced the company’s decisions.
Stamford Associates advised the company.
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