Swip has restructured its £1.1bn multi-manager UK equity inc-ome portfolio, bringing in Threadneedle, Neptune and PSigma and dropping Henderson, Jupiter and Rensburg.
Nick McLeod-Clarke at BlackRock is the only equity income manager to survive the reshuffle. The Threadneedle mandate will be run by Leigh Harrison, the Neptune mandate by Robin Geffen and the PSigma mandate by Bill Mott.
The reshuffle has been prompted by Swip moving the management of its multi-manager range in-house. It was previously managed by Russell Investments. Managers who have lost mandates are Andy Jones and Graham Kitchen at Henderson, Ben Whitmore at Jupiter and Colin Morton at Rensburg.
Swip investment director Lyndon Gill says: “It is part of a wider strategy focusing on Swip’s strengths as a multi-manager and our relationships with some of the managers.”
Gill says the decision to rep-lace managers was based on relationships rather than performance and was not a reflection on the quality of the fund managers and groups involved.
The managers will all run the money in line with their unit trusts or Oeics, except Geffen, who will run a 40-stock blend of his income and quarterly income funds.