St James’s Place (SJP) is to drop Select Equity and State Street Global Advisors from its Global Growth fund.

The change in fund manager line-up comes as part of SJP’s reshuffle of its Global Growth and Emerging Market Equity funds.

The changes will take effect from 25 July.

SJP has come under fire from some market commentators in recent months for the poor performance of some of its funds.

The wealth manager has appointed Axiom Investors, WCM Investment Management and Artisan Partners to manage the Global Growth fund alongside existing managers Edgepoint and Sands Capital.

It will also move from a fund of fund structure to being directly invested.

SJP has also changed the investment objecting and policy of its Emerging Market Equity fund, moving from a single manager to a multi-manager strategy.

It has appointed Lazard Asset Management, AGRA Investment Management and Somerset Capital Management alongside existing manager Wasatch Advisors.

Tom Beal, chief investment officers at SJP, said: “These changes form part of an ongoing strategic shift towards building a robust multi-manager approach, removing unintended risks and improving diversification. We are further applying our investment beliefs in order to improve the level of diversification within the strategies and use a blend of management styles to deliver client outcomes.

“The evolution of our fund range will provide our clients with an innovative investment approach that helps to secure their financial wellbeing in the future.”

SJP reported record first quarter net inflows of £2.91bn (£2.90bn in Q1 202) and strong annual growth in funds under management of £151.25bn (up £15.79bn on Q1 2021). 

The company said its retention rate for funds under management had also risen in the first quarter ending 31 March from 95.8% to 96.6%.

Despite the conflict in Ukraine the group has maintained a strong investment focus on equities.