Nearly £50bn worth of funds managed by FTSE-100 listed wealth manager are not performing in line with either their objectives or respective benchmarks.
According to a report by The Sunday times, 28 out of 39 funds managed by St James’s Place are failing. This includes the St James’s Place UK High Income fund – down 28 percent over the past five years, suffering a much steeper decline than the sector average.
Incredibly, approximately £47.9bn of money is managed by these failing funds – nearly 50% of the total amount of funds held by the wealth manager at £98.bn (this figure is now higher than The Sunday Times reports).
Last month, the wealth manager noted that inflows were remaining relatively stable with the stock market bounce increasing assets under management.