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SJP terminates Woodford fund deal after Equity Income suspension

Advice giant St James’s Place has terminated a £3.5bn management agreement with Neil Woodford in the wake of the suspension of his flagship Equity Income Fund.

The mandate has been handed to Columbia Threadneedle and RWC Partners in a joint exercise.

The funds include the UK High Income Unit Trust, UK Equity (Life and Pension), Income Distribution (Life) and SJPI UK High Income fund.

Under their new management, the funds will remain as segregated mandates and SJP will retain responsibility for asset custody and security.

SJP says there will be no impact on the investment objective for these funds as part of the change of hands.

The move comes after Monday’s suspension of the Woodford Equity Income Fund which is expected to last 28 days and follows a surge in withdrawals. The fund formerly had a value of over £10bn but had since dropped to under £4bn.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Julian Stevens 5th June 2019 at 4:42 pm

    Mr Woodford’s world seems to be imploding. He’ll be 60 next year, so his time to rebuild investor confidence in his abilities must surely be running out.

  2. Whittington Dick 6th June 2019 at 5:02 pm

    One wonders if the Hargreaves Lansdown approach of ‘Execution Only business with no advisory responsibility but Oops we had this fund in our Hot 50 and before that our Hot 100 but that doesn’t mean we recommended it’ should finally be brought to book as just as all the other poor saps will be that put their name as advisors legitimately to recommending a fund manager that has indeed had a very good track record until recent times…… Will the Teflon coated SJP be coughing up? Doubt it – do they ever!?

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