St. James’s Place hired three managers to run £944 million ($1.5 billion) of assets across its multiasset fund range, replacing PIMCO, said a spokeswoman for the wealth management group.
The spokeswoman said the decision to replace Pacific Investment Management Co. was made weeks ago, prior to an announcement Sept. 26 that co-founder and Chief Investment Officer Bill Gross was leaving the firm. She declined to comment on the reason for changing managers.
The new structure will be a blend of the three money managers, and will be effective Nov. 10.
“The new structure allows our clients to benefit from the combination of the three teams’ different skills and approaches and the potential for strong returns and greater capital protection over the medium term,” said Chris Ralph, chief investment officer at St. James’s Place, in a news release. “Investors in the Multi Asset fund will also benefit from a reduction in the external management charge,” he said.
The specific management breakdown of the new allocations could not be learned by press time.