SJP Fund news and updates
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We’ll regularly update the page with information about actions we’re taking on our funds, our latest analysis, and educational resources on key investment concepts.
From June 2025 onwards, we will no longer write to you in advance of every fund manager change. Letters outlining such changes will only be sent in specific cases where we believe it’s important for clients to know before the change takes effect.
You can find details of these changes below. A summary of changes made during the year will also be provided within the Annual Wealth Report you receive.
Actions we've recently taken on our funds:
Clients invested in our unit trusts are being moved to new classes in SJP’s unit trusts at the end of August. The majority of clients will be moved to our S class, which features only the deduction of the funds’ charges. Advice and the cost of the product are paid separately.
This change enables us to present our performance net of charges – this means they will be calculated in a manner similar to those funds offered by competitors.
However, it will not be immediately noticeable to many clients. This is because past performance information directly relates to the unit class in which someone is invested, not the fund itself. And the S-class only officially launched on 25 November 2024 (with clients only being moved to it in August 2025).
To get longer-term information on the performance of their investments, investors will need to look at other unit classes in that fund. Those might still contain the old SJP fee structure which included other costs, such as advice, alongside those of the fund. This means that, because of the different methodology, the past performance in either case is not comparable or continuous.
We do not believe this is the best outcome for clients. So, in response, we have worked with an external investment data provider to produce an “extended” S-class performance series (called S fee-adjusted) with a longer track record. From 26 August 2025, past performance figures in SJP’s own marketing literature – including its factsheets – will show performance of this S fee-adjusted series.
Here are some answers to questions you may have:
We have created a performance series that connects the new S-class to the old L-class. As the L-class incurs certain fees the S class doesn’t, its performance will be adjusted by discounting 0.5% for advice and 0.275% for platform costs.
This is different to the composition of charges of the S-class (which detracts 0.80% for advice). But it is reflective of the way our charges were disclosed publicly during this period, so we felt being conservative in this adjustment was a fairer approach.
It is also consistent with the calculation used in the analysis undertaken for our annual Assessment of Value report over the past few years.
You can still access the past performance of funds using the historic unit classes (such as L or M). They are available on the online factsheets and on your funds’ key information document (KIID), which can be accessed via the Fund Centre on SJP.co.uk.
Please note, many of the historic unit classes (like L) will contain the cost of advice and products in the net of charges figures.
No. The Money Market Unit Trust and the Global Government Bond Unit Trust will both use their R-class returns for performance prior to November 2024. Additionally, the Money Market Fund will be adjusted by 0.5% rather than 0.775% to better reflect this fund’s charges.
The S fee-adjusted series dates back to 2015 or since inception, whichever is most recent.
Pension and life fund price histories and performance series are different. This is because these product wrappers buy units of the unit trust funds within the product wrapper. Under this arrangement, they will complete a transfer from the current primary unit class to the S-unit class within the product wrappers. This means there will be no disruption to the performance history. Updated pricing will be reflected in future performance but will not impact the historic past performance series.
SJP Global Absolute Return
From 23 June, we have reduced the number of managers on the SJP Global Absolute Return fund from six to four, removing Amundi and BlackRock. Fulcrum, Payden & Rygel, State Street Global Advisors, and Wellington will continue managing the fund. This change will improve the overall blend across strategies, as well as the fund’s resilience. We expect this to lead to improved investment performance.
The removal of Amundi and BlackRock will not have any effect of the risk profile or investment process of Global Absolute Return. There are no cost implications to the change.
SJP Global Growth, SJP Global Quality, and SJP Global Value
In June, we made small changes to SJP Global Growth, SJP Global Quality, and SJP Global Value funds. All three funds use multiple managers to run parts of their respective portfolios. In Global Growth and Global Quality, we use five separate active managers, while in Global Value there are three.
We have added another manager to each - State Street Global Advisers (SSGA), which uses a systematic, low-cost approach to investing. The addition of SSGA will further increase our flexibility, enabling us to more easily allocate funds as and when needed.
SSGA's inclusion in the management of these funds will not have any effect on the risk profile or investment process of Global Value or Global Quality. There are no cost implications to the change.
On 23 May 2025, we updated the investment objective and wording policy language around benchmarks for the following funds:
- St. James’s Place Continental European Unit Trust
- St. James’s Place Global Emerging Markets Unit Trust
- St. James’s Place Global Equity Unit Trust
- St. James’s Place International Equity Unit Trust
- St. James’s Place Investment Grade Corporate Bond Unit Trust
- St. James’s Place Worldwide Income Unit Trust
These funds are either using their benchmark as a target, or the composition of the fund is constrained by what’s in (or out) of the benchmark.
The funds’ documents refer to a benchmark to provide context in assessing performance, and we have now added disclosures to reflect their use as ‘target’ or ‘constraining’ benchmark.
A target benchmark is used where a target for the fund’s performance has been set by reference to the performance of an index or similar factor. For example, where the investment objective of the fund is to achieve an income in excess of the average yield of an Index.
A constraining benchmark is used where, without being a target, the benchmark is used in the management of the fund in a way which constrains the fund’s composition. For example, where there is reference made to the components and weightings of an Index when constructing the fund.
The risk profiles of the above funds will not have been affected by any of these changes.
From 24 February 2025, the SJP Sustainable & Responsible Equity fund will have a new manager and incorporate a more balanced blend of investment styles.
The changes are intended to improve diversification and further enhance the fund’s focus on sustainability. The latter will enable it to meet the Financial Conduct Authority's new higher threshold for sustainable investments and achieve a “sustainability focus” label.
- The fund’s objective, policy and strategy will change to enhance its focus on sustainable investments.
- Schroder Investment Management (Schroders) will replace Impax Asset Management as the fund manager.
- The number of underlying companies invested in will increase.
What’s a sustainability focus label?
The Sustainable & Responsible Equity fund will have a sustainability focus label. This means it aims to invest in companies that are environmentally and/or socially sustainable.
The Financial Conduct Authority has introduced a new labelling system – like a quality mark – for sustainable investment funds. To call a fund ‘sustainable’, tough new criteria need to be met.
Funds with the label must be able to evidence their investments meet a certain standard to be deemed environmentally and/or socially sustainable, which previously hasn’t been a requirement.
From 24 February 2025, we're appointing new managers to the SJP Global Smaller Companies, Strategic Managed, and UK funds.
SJP Global Smaller Companies fund
The appointment of six new managers – EdgePoint Investment Group, Kabouter Management, Kopernik Global Investors, LSV Asset Management, MAC Alpha Capital, and Select Equity Group – will introduce a multi-manager approach to this fund. The six managers will work alongside the existing manager, Northern Trust. Each will be responsible for managing a portion of the fund.
SJP Strategic Managed fund
We are changing the fund's manager from Colombia Threadneedle to Royal London Asset Management.
The fund, while still actively managed, will invest in more index or passive strategies. This approach will be more cost-effective, and the prevailing economic and investment backdrop will have a greater influence on the opportunities the manager seeks.
SJP UK fund
We are removing Colombia Threadneedle as a manager on the UK fund. This fund uses a multi-manager approach and the other managers - BlackRock, Schroders, Baillie Gifford, LA Capital, RWC - remain in place.
Winding down the Property Unit Trust & removing the Property Life and Pension fund options
We suspended trading in the SJP Property Unit Trust and started deferring withdrawals and switch-out transactions in the Life and Pension Property funds in October 2023. This was because the funds were experiencing significant withdrawals which we couldn’t meet without selling property assets at a substantial discount to fair market value.
A year later, we believe that reopening the Property Unit Trust and resuming transactions in the Life and Pension Property funds would still result in significant withdrawal requests. This would quickly exhaust the cash levels that have built up in the funds over the past year, meaning that the Property Unit Trust would need to be suspended again, and we might be unable to meet deferred transactions for the Life and Pension Property funds within six months.
In recent years, investor sentiment towards property funds has fallen for two key reasons:
- Investors have become increasingly cautious about property funds due to the significant change in working patterns following the COVID-19 pandemic. For example, the rise of remote working has reduced demand for office space.
- Proposed regulatory changes could result in the introduction of notice periods for other types of funds holding assets that can take a while to sell, such as property. This has deterred investors who value flexibility and quick access to their money.
While the suspension and deferred transactions have protected clients’ investments, the underlying and market-wide challenges experienced by property funds remain. Given this ongoing situation, we have decided to wind down the Property Unit Trust and remove the Property Life and Pension fund options.
Update - 23rd June
Invesco appointed as fund manager, and update on fund capital distribution/release of capital.
On 29th May 2025, Invesco was appointed as fund manager of our Property funds and tasked with selling the remaining assets of the funds.
There are no additional costs or changes for clients resulting from this change. Invesco are being incentivised to sell the properties for the best value in a timely manner, with any additional costs being met by us.
Update on Capital redistribution
The second Unit Trust and ISA (UTISA) capital distribution and the first Life & Pension release of capital have now been completed.
The distribution/release of capital was completed on 15th March. The total capital distribution and released amounts in this tranche were as follows:
UTISA - £126m (15% of Net Asset Value (NAV)*)
Life - £115m (26% of NAV*)
Pension - £149m (24% of NAV*)
*As a % of NAV when the fund winddown/removal began on 27th November.
Your questions answered
Last updated 23 June 2025.
A Unit Trust and a Life or Pension policy are different types of investment. While the terminology therefore differs as well, the outcome of winding down the Unit Trust and removing the Life and Pension fund options is the same: new investment will no longer be possible. We will be selling the property assets and distributing the proceeds to existing investors.
We have already made capital distributions to UT and ISA investors and released capital for Life and Pension investors. We will continue to make these periodically, as properties are sold. We will write to you each time a distribution or release of capital is made.
Yes, investors holding income units in the Property funds will continue to receive income distributions during the wind down. These will occur per the usual frequency:
- Property Unit Trust (or via an ISA) – quarterly
- Property Life fund – quarterly
- Property Pension fund – monthly
An income distribution is treated separately from a release of capital/capital distribution. The value of the income distributions will reduce as the assets in each of the funds are sold and the amount of rental income reduces accordingly.
We will not be producing fund factsheets for any of the Property funds.
However, we will continue to publish daily prices for the Property funds here. The value of any investments investors have in the Property fund will continue to appear in their Annual and Quarterly Wealth Reports, and the SJP App.
The decision to wind down the Property Unit Trust and remove the Property Life and Pension fund options reflects the challenges facing open-ended, daily priced property funds more broadly. This is not a reflection of the overall performance and stability of our fund range. These are circumstances specific only to the Property funds.
Yes, the business remains strong. The winding down of the Property Unit Trust and removal of the Property Life and Pension fund options does not reflect any vulnerability in SJP’s operations or business model.
Commercial property takes longer to sell than other assets, such as equities and bonds. Buyers need time to conduct detailed property evaluations, including on-site inspections, various surveys and complex legal procedures.
Based on our assessment of the current market and the asset profile within the funds, we believe the sale of properties will take around two years to complete. This is to ensure the manager has sufficient time to prepare the assets for market, and to allow adequate time to run a competitive sales process to ensure best value is achieved for clients. However, this timescale is subject to the broader economic backdrop and factors affecting commercial property and may be subject to revision.
No, each of the funds is invested across a different range of properties. These assets will have to be marketed and sold separately, and therefore each fund will be wound down or removed according to the pace of these sales.
There are sales costs associated with selling properties. These will continue to be borne by the funds.
The decision to wind down the Property Unit Trust and remove the Property Life and Pension fund options was not a result of the management but due to the wider challenges faced by the industry. SJP took the proactive decision to appoint Invesco to manage the wind down of the funds and sell the property assets.
About Invesco
Invesco is an international asset manager, that has existed for almost 50 years. It manages over $1.8 trillion worth of assets and employs over 8400 professionals globally.
Its Invesco Real Estate business has £ 67.7 billion in real estate assets under management, 605 employees and 21 regional offices across the US, Europe and Asia. Invesco Real Estate has a 40-year investment history and has been actively investing across the risk-return spectrum, from core to opportunistic, in equity and debt real estate strategies, and in direct and listed real estate for its c.400 institutional client relationships during this time. In Europe, Invesco Real Estate has eight offices in London, Munich, Milan, Madrid, Paris, Prague, Luxembourg and Warsaw, and 187 employees. It manages 198 assets across 13 European countries and with assets under management of £13.2 billion. The team has a strong track record across all the commercial sectors, hotels and residential sectors.
Source: Invesco Real Estate as of 31 December 2024.
If you are invested in the SJP Property funds and have any further queries, please speak to your SJP Partner. If you are no longer taking advice, you can contact us directly.
The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.
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