St James’s Place (SJP) is reviewing its structure after one of its minority backers – PrimeStone Capital – expressed concerns and asked the wealth manager to look into its “high-cost culture”.

The activist shareholder said it welcomed the “productive and constructive dialogue” over SJP’s cost base.

As part of this dialogue, SJP has:

• Expressed “fundamental alignment” with PrimeStone.
• Said it is focused on creating shareholder value.
• Recognised the importance of carefully managing its cost base.
• Seen an opportunity to optimise operating leverage follow...