10th Jun 2019 16:04
LONDON (Alliance News) - FTSE 100-listed asset manager St James's Place PLC announced Monday it had undertaken a flurry of trades across a number of investments last Wednesday amid a management shake-up at its funds.
St James's Place trimmed its major stake in technology intellectual property commercialisation firm Allied Minds to 11.9 million shares after the transaction, equivalent to a 23% stake in the 240.7 million shares in the firm. Prior to the transaction, St James's held a 28% stake in Allied Minds.
The firm also built a 17.6 million shares stake in housebuilder Redrow PLC, equivalent to a 5.0% stake in the 352.2 million shares of the FTSE 250-listed firm.
The asset manager also built a 5.0% stake in fellow housebuilder Crest Nicholson PLC, after buying 12.8 million shares in the mid-cap company.
St James's also acquired 18.2 million shares in the FTSE 250-listed corporate services firm Equiniti PLC, equivalent to a 5.0% stake.
The news comes after St James's Place announced last Wednesday that it had cut ties with embattled Woodford Investment Management. The firm removed Woodford Investment Management - run by star fund manager Neil Woodford - as manager of some of its funds in order to ensure "clients' investments continue to be managed effectively."
St James's appointed Columbia Threadneedle Asset Management and RWC Partners to take on management on some of its funds. This follows Woodford being forced to suspend withdrawals from its LF Woodford Equity Income Fund following significantly capital outflows from investors following a sustained period of underperformance.
St James's Place was trading 0.7% higher Monday afternoon at 1,052.00 pence each.
Shares in Allied Minds were 5.0% higher at 80.00 pence on Monday, Redrow up 0.2% at 564.00p, Crest Nicholson 0.1% lower at 358.20p and Equiniti 0.3% lower at 219.20p.
Related Shares:
EQN.LCrest NicholsonALM.LSt James's Place