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St James's Place asked to cut costs by activist investor Primestone Capital
StockMarketWire.com
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Wealth manager St James's Place confirmed that it had received a letter from activist investor Primestone Capital calling for cost cuts at the company.
'St James's Place proactively engages with shareholders with regards to group strategy and structure and looks forward to commencing a dialogue with PrimeStone in regard to the views outlined in its letter,' the company said.
St James's Place said it would provide an update on its third-quarter new business performance and funds under management on 27 October.
In a letter dated 26 October, Primestone Capital said it owned about 1.2% of St James's Place's shares.
It claimed the company had 'failed to deliver meaningful value for shareholders over the last five years', citing what it said was 'suboptimal management' of its cost base.
At 9:50am: (LON:STJ) St. Jamess Place PLC share price was +5p at 942p
Story provided by StockMarketWire.com
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