St. James’s Place has completely removed the requirement to pay investors an income from its £940m Global Equity Income fund, which has been renamed the Global Value fund under a new multi-manager approach with Pzena Investment Management and Sanders Capital set to join existing manager Artisan Partners.
As an income fund sitting in the IA Unclassified sector, the fund currently offers a yield of 2.1%, according to FE fundinfo. The IA UK Equity Income sector currently averages a yield of 5.3%, while the Global Equity Income sector offers 3.4%. In a statement on Thursday (9 July) SJP, which made no reference to removing the yield requirement other than the name change, said that from 20 July Pzena and Sander manage 25% of the portfolio respectively under different styles. SJP claims charges are 'mid-range' compared to competitors SJP CIO Tom Beal explained that "after intense resea...
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