FTSE 100-listed wealth group St Jamess Place has stripped Standard Life Aberdeen of a mandate to manage its £277m ethical fund.
St Jamess Place announced that Impax Asset Management would takeover the management of the fund which will be renamed the sustainable and responsible equity fund.
Read more: Lloyds sells off last of its holding in Standard Life Aberdeen for £344m
This is the second St Jamess Place fund that Standard Life Aberdeen has lost, following the removal of a £1.3bn emerging markets fund from Aberdeen in 2016.
Standard Life merged with Aberdeen Asset Management last year in an £11bn deal which created Europes second-largest fund manager.
Part of the rationale for the deal was an attempt to stem fund outflows.
In February Lloyds Banking Group cancelled a £109bn contract with Standard Life Aberdeen, triggering a "material competition clause", arguing that the asset manager was now one of its rivals for UK business following the merger.
Read more: Shareholders back Standard Life Aberdeen's £2bn insurance business sell-off
Separately, St James's Place said it was launching a diversified assets fund which will be managed by investment firm KKR.
Chris Ralph, chief investment officer, at St Jamess Place said: “KKR has a world-leading, global investment team and will be responsible for targeting growth opportunities in a number of markets, and will provide exposure to private equity, real estate, infrastructure, as well as private and public credit.”
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