St James's Place has a problem. A £4.5bn problem, to be precise. That is the size of the mandate Neil Woodford, doyen of the income space, runs for the group's clients.
Currently, Invesco Perpetual is paid around 35bps to run what is, by and large, a mirror version of his Income fund. However, with Woodford exiting the group in April, SJP now has the tricky task of deciding who will run the huge pot of money it has built up. Although this sounds like a great problem to have, the truth is there are not many managers who would want such an enormous chunk of money dropped on them. The sheer scale of the funds Woodford currently runs for the wealth management giant would dwarf most managers’ existing portfolios. Only Artemis duo Adrian Frost and Ad...
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