UK equity managers back St James's Place as hedge funds up short positions

Firm gets backing amid fee structure criticism

UK equity fund managers have leapt to the defence of beleaguered wealth manager St James's Place (SJP) as hedge funds have upped their bets that the firm’s share price will plunge.

SJP has come under fire in the national and trade press in recent weeks, amid criticism of its fee structure, how its advisers are incentivised and allegations of questionable practices from some of its adviser network. With enhanced scrutiny on financial services firms since the liquidity crisis at Woodford Investment Management, the reports come at a testing time for SJP. SJP appoints Dame Helena Morrissey as non-executive director SJP's share price withstood the Woodford saga, but sentiment towards the stock was hit once the revelations first began, falling 20% from its most rec...