St. James's Place has appointed Impax Asset Management to run its £286m Ethical fund, replacing Standard Life Aberdeen, as part of its constant review process.
The Ethical fund will no longer be managed by SLA's senior investment manager Jamie Cumming.
Impax's Kirsteen Morrison and David Winborne will take control of the fund, with SJP investing £286m into Impax's Global Opportunities strategy, subject to regulatory approval.
The Ethical fund will be renamed the Sustainable and Responsible Equity fund in order to better describe the investment process, which will integrate ESG considerations, as both a source of growth and a risk factor with a more fundamental approach.
Investing in a range of global companies, the fund will be looking for stocks that benefit from the transition to a more sustainable global economy.
Chris Ralph, CIO at SJP, said: "These developments reflect our continued commitment to identifying new investment opportunities for our clients and selecting the best fund managers from across the globe to manage our range of funds, providing a tangible demonstration of the benefits of our investment management approach.
"Our focus remains to provide clients with a diversified range of funds to meet their long-term investment objectives."
Ian Simm, CEO of Impax, said: "Being selected by SJP to run their sustainable strategy for their clients is a great honour and testament to Impax's approach and the team's track record.
"The strategy for the fund will move beyond merely applying a negative ethical screen to taking a positive approach, which is the hallmark of our successful investment style of the past 20 years.
"This reflects the changing needs of the private client market who want to invest with managers who are proactively supporting the development of a more sustainable economy.
"As demand from clients for more oversight on how their money is invested increases, the potential for the strategy to grow as it becomes St. James's Place's core sustainable strategy is obvious."
SJP has also launched a Diversified Assets fund with global investment firm KKR appointed as the manager.
The fund will offer investors exposure to a portfolio of public and private market assets across a number of markets including private equity, real estate, infrastructure and private and public credit.
Ralph added: "This strategy will offer our clients access to private market assets that have, historically, only been available to institutional investors."
In January, SJP eplaced AXA Investment Managers' Mark Beveridge as manager of its £777m Balanced Managed Unit Trust with GMO and Jennison Associates.