Wealth manager St James's Place
Chief Executive David Bellamy told Reuters on Thursday that the firm, which outsources management of its portfolio, would launch the new funds, to be run by PIMCO, Invesco and Blackrock, on February 1.
PIMCO will run a multi-asset fund, Invesco a global equity income fund, while Blackrock will manage an index-linked gilt fund to be offered as part of a new defensive investment portfolio for cautious clients.
Bellamy also said the firm will conduct a review of the managers of existing funds, of which it has more than 30, in April.
This is an 'as and when necessary' event. There are one or two funds ... either because their mandates have shifted or the individuals have changed or the personality of the fund has, where we think a change is necessary, he said.
St James's Place, which is majority owned by Lloyds Banking Group
The net inflow of funds under management during 2011 was 3.3 billion pounds, bringing total funds to 28.5 billion pounds.
Total new business, measured using a combination of single and regular premiums, was up 10 percent at 642.3 million pounds over the year, meeting the expectations of analysts.
On Thursday Jupiter Fund Management
Bellamy put St James's Place ability to buck the industry trend down to the appeal of its model using a broad range of outsourced funds, with investments sold by a staff of client-facing 'partners'.
He also noted the average age of St James's Place clients is in the 50s, a demographic that is typically asset rich compared with younger age groups, and with longer investment experience leaving them less likely to be spooked by financial turmoil.
We've been in these places before. This (recession) is a little bit longer, a little bit deeper, but there's probably a little bit more wisdom in our client bank than might otherwise be the case, he said.
The firm also said 80 percent of its partners were now fully qualified to meet new requirements being introduced as part of a broad shake up of financial services selling in the UK.
(Reporting by Chris Vellacott; editing by Laurence Fletcher and Will Waterman)