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.