SJP receives scathing open letter from shareholder criticising 'bloated organisational structure' and 'excessive pay'

Suggests reducing adviser operating expenses

Sophie King
clock • 3 min read

Investment firm PrimeStone Capital has penned an open letter to the St James’s Place (SJP) board of directors outlining its disappointment with the shareholder value delivered by the advice giant.

The letter, which was written by PrimeStone managing partner Benoit Colas and partner Damien Hahnloser, urged the board of directors at SJP to discuss the proposal outlined by the pair at their next meeting, and to launch a cost review and optimisation project immediately. They said: "Despite the exceptionally strong and consistent compounding of advisers, clients and assets, SJP has unfortunately fallen short of delivering meaningful shareholder value over the last five years." PrimeStone said the advice giant's shares have "significantly underperformed" those of most of its publicly...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Advisers seeing clients 'stretch finances' to afford private school

Advisers seeing clients 'stretch finances' to afford private school

Parents ‘stretching finances’ to finance private education

Sahar Nazir
clock 16 April 2024 • 1 min read
FCA's Howard: Firms' culture must change to attract female talent

FCA's Howard: Firms' culture must change to attract female talent

‘We need a different and better mix of advisers and advice’

Jenna Brown
clock 16 April 2024 • 4 min read
Trade bodies should sponsor new talent initiatives, industry says

Trade bodies should sponsor new talent initiatives, industry says

‘Trade bodies and FCA are both funded by us so should be giving back more’

Isabel Baxter
clock 15 April 2024 • 1 min read