St James’s Place has been targeted by activist investor PrimeStone Capital, which has called for the UK wealth manager to overhaul its “bloated organisational structure” in order to improve returns for shareholders.

PrimeStone, a Mayfair-based outfit which holds a stake in SJP of about 1.2%, also singled out the FTSE 100 listed company’s “overly generous” compensation structure, claiming it has more than 120 employees with “head of” in their job titles.