St James Place has replaced the managers on some of its externally managed funds.
The FTSE 100 company has said Steve Gorman of Wellington Management will take over the Alternative Assets fund.
Meanwhile Investec Asset Management’s Ken Hsia will take on responsibility for the Continental European fund and will co-manage the Greater European Progressive fund.
The AXA Framlington Managed fund will be renamed the Balanced Managed fund and a management team of Ben Inker of GMO and Mark Baribeau of Jennison Associates will assume responsibility for this strategy.
As FTAdviser previously reported, this mandate had been managed by Richard Peirson at Axa but on that manager’s retirement St James Place removed the fund from Axa.
The managers of the UK & General Progressive and UK Growth funds, will be given additional flexibility to invest up to 20 per cent of its strategy in overseas equities.
Chris Ralph, chief investment officer at St James Place said: "These changes reflect our distinctive investment management approach and commitment to selecting the best fund managers from across the globe. This ultimately provides clients with a diversified range of funds to meet any investment objective.
"The team at Majedie Asset Management, managers of the UK & General Progressive and UK Growth funds, will be given additional flexibility to invest up to 20% of its strategy in overseas equities.
"These changes reflect our distinctive investment management approach and commitment to selecting the best fund managers from across the globe. This ultimately provides clients with a diversified range of funds to meet any investment objective."
Rory Maguire, founder of investment consultancy firm Fundhouse said the changes seem "sensible" though he is not familiar with all of the managers hired by St James Place in this shake up.
david.thorpe@ft.com
