View more on these topics

SJP boots Axa off managing £3bn fund

St Jampeoplees’s Place is replacing Axa Investment Management as the manager of its £3bn Balanced Managed Unit Trust after 11 years.

The UK wealth manager has picked US-based investment managers GMO and Jennison Associates as co-managers of the fund starting their mandate over next summer.

GMO’s long-standing fund manager Ben Inker will run 80 per cent of the fund “exclusively for SJP” with a value-oriented approach, the firm says.

The rest of the portfolio will be a concentrated group of holdings and managed by New York-based Jennison Associates’ Mark Baribeau with a growth style.

Axa global head of Framlington equities Mark Beveridge, who has been running SJP’s mandate since after fund manager Richard Peirson retired in March, will continue to run the fund during the interim period.

SJP makes changes to fund range

SJP chief investment officer Chris Ralph says: “The appointment of GMO and Jennison Associates blends two complementary investment styles and provides greater flexibility to allocate across asset classes over a market cycle.

“These appointments reflect our continued commitment to selecting the best fund managers from across the globe and are a tangible demonstration of the benefits of our investment management approach. Our focus remains to provide clients with a diversified range of funds to meet their long-term investment objectives.”

An Axa spokeswoman says the firm is “disappointed” by the manager replacement considering Beverage’s outperformance records.

Axa IM says: “Naturally we are disappointed, however we are proud of what we have achieved in our long standing relationship with St James’s Place and they remain a key client for Axa IM.  We have run the Balanced Managed strategy for SJP clients for over 11 years and in that time we have delivered 152.5 per cent return since inception versus the sector average of 77 per cent.

“We look forward to continuing our relationship with St James’s Place to deliver the best outcomes for their clients.”

The charge for the Balanced Managed Unit Trust will remain at 1.7 per cent.


Aviva plans to phase in new platform after migration blackout

Aviva has pledged to have the full version of its new platform up and running imminently after a blackout period over the weekend. The provider scheduled five days of downtime from last Wednesday through to Monday, but advisers have complained to Money Marketing that the platform was not accepting applications or running quotes as of […]


Alan Lakey: Catch-22 on commercial decisions

I am a great fan of commercial judgement.  After all most readers would not still be in business if they or their employers hadn’t made sound commercial determinations at some point. Of course, not all commercial judgements are sensible or even well thought through and the end result can be detrimental to one or more parties.  […]


Profile: OMGI’s Stephen Message on running £1bn at age of 25

Most people at the age of 25 have their worries in life but none of those usually concerns running a £1bn fund. Old Mutual Global Investors’ Stephen Message’s experience is different. Now in charge of the £140m Old Mutual UK Equity Income fund, Message says he has been fortunate on the path to his current […]


AJ Bell survives complaint from former adviser over Sipp failures

A former adviser claiming that AJ Bell made a string of errors over his Sipp has lost his complaint at The Pensions Ombudsman. The nature of the allegations against the Sipp provider, which have been made over a number of years, led AJ Bell to take the “unprecedented decision” to ask the client to transfer […]

Accidents will happen

Sarah Scott – Marketing Consultant  “Yesterday I witnessed an accident between a small family car and a huge lorry making deliveries in the city centre.” Luckily everyone walked away, shaken but physically uninjured and I’m sure thanking their lucky stars that the outcome wasn’t considerably worse.  Certainly, when you saw the comparative size of the two […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment