| LONDON, April 3
LONDON, April 3 Investment group St James's
Place is transferring fund management mandates for 7.7
billion pounds ($12.81 billion) of assets from Invesco
Perpetual, allocating nearly half to outgoing fund manager Neil
Woodford's new venture.
St James's Place, which is about to join London's blue chip
FTSE 100 index, outsources management of its range of mutual
funds to hand-picked external managers.
Woodford Investment Management, backed by Oakley Capital
Management which Woodford joins in May, will take three mandates
with combined assets of 3.65 billion pounds, currently managed
by Invesco Perpetual, St James's Place Chief Investment Officer
Chris Ralph told Reuters.
These are the 650 million pounds UK Equity fund, the 1.56
billion pounds Income Distribution fund and the 1.4 billion
pounds UK High Income unit trust. Woodford, who announced plans
to leave Invesco Perpetual in October, has managed St James's
Place funds since 2001.
Mandates for two other funds with combined assets of 3.35
billion pounds transfer from Invesco Perpetual to fund manager
Threadneedle Investments. Management of a 720 million pounds
Global Equity Income fund goes to Manulife Asset Management.
The changes do not affect Invesco's assets under management.
Invesco Perpetual continues to manage a corporate bond
mandate for St James's Place with assets of around 1 billion
($1 = 0.6012 British Pounds)
(Reporting by Chris Vellacott. Editing by Elaine Hardcastle)