Hugh Young and Stewart Investors ousted in SJP fund reshuffle

Hugh YoungSt James’s Place has reshuffled its fund managers, with Aberdeen Asset Management’s Hugh Young and Stewart Investors being ousted in the moves.

The Far East fund, currently run by Young, will be renamed the Asia Pacific fund and will now be run by Alistair Thompson and Martin Lau of First State Stewart Asia.

Stewart Investors has also been ousted, with Jonathan Asante being replaced on both the Worldwide Opportunities fund and the Global Emerging Markets fund.

Asante’s former First State colleague Glen Finegan will now run the global emerging markets mandate, at his new home of Henderson Global Investors. Jim Hamel of Artisan Partners will take over the Worldwide Opportunities fund.

SJP has also  launched a new fund, the Worldwide Income fund, which will be run by Investec Asset Management’s Clyde Rossouw.

Chris Ralph, chief investment officer of St James’s Place, says: “Equity income is a proven investment strategy and, against the backdrop of low interest rates and low growth, represents an important part of our proposition to meet client demand for income-generating investments.”

Other shifts in the fund range see the the High Octane fund become a global smaller companies strategy and renamed the Global Smaller Companies fund. Richard Oldfield of Oldfield Partners who currently runs the fund will be replaced by US-based Kevin Beck of Paradice Investment Management.

On the International Corporate Bond fund Babson Capital will be replaced by Sheldon Stone and David Rosenberg of US-based Oaktree Capital Management and by Capital Four in Copenhagen.

On the Global Equity fund, Tweedy, Browne will be replaced as one of the satellite managers by J O Hambro Capital Management’s Ben Leyland.

Ralph adds: “Alongside my colleagues on our investment committee, it is our responsibility to recommend changes to our range of funds and fund managers when we deem those changes necessary. The proposed changes announced today demonstrate our commitment to this task and we believe will provide our clients with increased potential to achieve their financial objectives over the long term.”