Meanwhile, Threadneedle will take over management of two St James’s Place “strategic managed” funds, which currently have £3.35bn under management. Paul Boyne and Doug McGraw of Manulife Asset Management will take over the St James’s Place Global Equity Income fund, with £720m under management.
Chris Ralph, chief investment officer of St James’s Place, said the changes were “the most significant and high profile” in the firm’s 23-year history. “These changes are important in terms of the number of clients affected and the scale of the assets involved,” he said.
In total, St James's Place is withdrawing some £8m of client funds from Invesco Perpetual.
St James’s Place offers face-to-face advice to more than 400,000 clients, who typically have between £50,000 and £250,000 to invest, through a national network of around 2,000 advisers.
Customers pay 1.5pc a year to St James’s Place for its services, in addition to the fees to fund managers, which typically brings the total cost to between 1.8pc and 2.1pc a year. Total charges for St James's Place customers investing in the UK Equity fund are 1.96pc, while the ongoing fees for the Income Distribution fund and UK High Income are 1.96pc and 2.12pc respectively.
Mr Woodford has being replaced at the helm of Invesco Perpetual's Income and High Income funds, as well as at the Edinburgh investment trust, by Mark Barnett. Mr Woodford’s new firm will launch a new UK equity income fund, run in the same way that he managed the Income and High Income funds at Invesco Perpetual, when regulatory approvals are in place.
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