A minority investor in St James’s Place (SJP), Primestone Capital, has taken the wealth manager to task, alleging it is “bloated” and not delivering value to its shareholders.

In an open letter to SJP’s board of directors released today (26 October), Primestone said SJP’s share price had fallen 7 percent since the end of 2015, while its total shareholder return had been 2 percent annualised. 

Over the same period, SJP’s assets under management had grown 18 percent per annum, and income grew 13 percent per annum on average.

Primestone partners Benoît Colas and Damian Hahnloser said in the lett...