St James's Place, the £44 billion wealth manager, has confirmed it will move £3.5 billion of its clients' money from Invesco and invest it with star manager Neil Woodford's new boutique, following his decision to leave Invesco late last year.

The move forms part of a wider set of fund manager changes at the wealth management firm, which outsources the investment of its clients' money. In all, the firm has withdrawn around £8 billion from Invesco, putting £3.3 billion of it with Threadneedle Investments. The rest is being split into smaller mandates.