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SJP drops Axa IM from £3 billion trust

SJP drops Axa IM from £3 billion trust

St. James’s Place is to drop Axa Investment Management as the manager of its £3 billion Balanced Managed Unit trust after over a decade.

The company has turned to are American firms GMO and Jennison Associates as incoming co-managers for the fund's assets.

Chris Ralph, chief Investment officerat St. James’s Place, said: ‘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.’

Ralph (pictured) explained GMO will manage a value-oriented asset allocation strategy and will be responsible for 80% of the fund’s assets.

In addition, Citywire A-rated Mark Baribeau of Jennison Associates manage a concentrated portfolio of global equities.

GMO’s Ben Inker will be the lead manager on the fund.

An Axa Investment Management spokesperson said: '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 investment management.  

'We [Axa investment management] have run the balanced managed strategy for St James’s Place clients for over 11 years and in that time we have delivered 152.5% return since inception versus the sector average of 77%.'

 

 

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