Standard Life Aberdeen has lost out to a fast-growing boutique in the mandate to run the ethical investment fund offered by St James’s Place, one of the UK’s biggest wealth management groups.

St James’s Place, which manages £91bn for affluent investors in the UK, is putting its £286m Ethical Fund under new management, it said in a statement on July 31. The contract is currently outsourced to Standard Life Aberdeen’s equity team, with Jamie Cummings as the named lead manager on the fund.