Skip navigation

Gloucestershire Business News

Major Gloucestershire firm severs ties with Cotswold wealth manager

A high profile wealth manager from Gloucestershire has been dealt another blow.

Neil Woodford, who was long considered to have the Midas touch when it came to investments, found himself in the news earlier this week when his equity income fund was suspended.

A number of investors had asked for their money back and the Oxford-based company run by Cotswold resident, Mr Woodford, chose to suspend what is called the LF Woodford Equity Income Fund.

Now St James's Place, the county's biggest firm by 'turnover' (funds managed to give it its correct term) has 'terminated its mandate' with Woodford Investment Management.

Following news of the fund's suspension Mr Woodford took to YouTube to explain his firm's move and to try to reassure investors.

But it seems for Cirencester-headquartered St James's Place it was time for a re-think.

SJP said it was appointing Columbia Threadneedle Asset Management and RWC Partners as managers of its UK High Income Unit Trust, Income Distribution (Life), UK Equity (Life and Pension), and SJPI UK High Income funds.


Get all the latest Gloucestershire news to your inbox with Punchline Daily

Mr Woodford's personal stock rose after he ably avoided the financial pitfalls of the dotcom boom and the financial crisis while working for his then employer, Invesco Perpetual.

It was a role he carried out for 25 years, before leaving five years ago to set up his own company, Woodford Investment Management, which has enjoyed a glowing reputation with many analysts.

Over the last few weeks investors began to refuse the firm's advice, that if they sat tight all would be well, and according to the Financial Times had withdrawn as much as £560 million.

It was reportedly when Kent County Council asked to withdraw £263 million that the fund was closed - for four weeks. Mr Woodward said he needed time to liquidise assets.

St James's Place funds are not believed to be part of the Equity Income Fund suspended earlier this week. The firm said it had taken the move to "ensure its clients' investments continue to be managed effectively".

Related Articles

VIDEO: Cheltenham Borough Council spends £37.5million to secure land for Cyber Central Image

VIDEO: Cheltenham Borough Council spends £37.5million to secure land for Cyber Central

The biggest change to Cheltenham since the spa town boom of the 18th century has taken a significant step forward.

VIDEO: 'This is more than a business park, Cyber Central is a  project of national significance' Image

VIDEO: 'This is more than a business park, Cyber Central is a project of national significance'

The Cyber Central plan for Cheltenham has been called a “A project of huge local, regional and national significance” by one of the councillors leading the project.

Where the Cyber Central development will be built and how it will transform Gloucestershire Image

Where the Cyber Central development will be built and how it will transform Gloucestershire

It will have 1,100 homes and lead to new roads and new motorway junctions being built

Former Royal Engineer sent £14,000 drug profits abroad Image

Former Royal Engineer sent £14,000 drug profits abroad

A former Royal Engineer who made money from selling cannabis sent thousands of pounds of his illicit profits abroad to his wife and other people in four countries including two in Africa, a court heard.

Copyright 2019 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.