St James’s Place has handed Amundi a £2.8bn absolute return strategy.
The sterling-denominated SJP Global Absolute Return Multi-Strategy will target cash +5-6% over a market cycle and aim to deliver positive returns in all market environments in the medium term.
It will be managed by Amundi’s global absolute return team headed by Davide Cataldo in Milan.
In a statement, Amundi head of multi asset Matteo Germano said: “With market challenges ahead such as higher inflation, lower growth, and the end of excessive liquidity, investors need to consider a range of approaches for their portfolio construction. In this context, a multi-asset strategy underpinned by a dynamic and consistent investment process is well suited to protect investors from these risks.
Amundi UK chief executive Philippe d’Orgeval (pictured) said the company looked forward to building a relationship with SJP.
“As we enter a challenging investment environment over the next few years, we are seeing an increase in demand for our multi-asset capabilities as clients highlight the increased need to incorporate downside protection whilst seeking diversification and positive absolute returns.”