Wealth manager St James’s Place has changed the manager line-up and cut fees on two of its funds, the Balanced Managed fund and the Continental European fund.

Clients invested in the funds will see a reduction in their total ongoing charges from today, 20 November.

The Balanced Managed fund has seen PineBridge Investments LLC added to the manager line-up, alongside GMO LLC, from today.

At the same time the external fund management charge has fallen from 0.36% to 0.34% pa.

Robeco Institutional Asset Management BV will manage the Continental European fund from 20 November while the external management charge will drop from 0.36% to 0.08% pa.

Tom Beal, executive director of investments at St James’s Place, said: “We constantly look to improve and evolve our fund range to ensure positive client investment outcomes are met. Our clients benefit from our size and scale which enables us to source and negotiate highly competitive fees with the best global fund managers.”

He said PineBridge Investments stood out in the company’s search, “due to its heightened focus on returns driven from asset allocation, as well as offering improved diversification.”

He added that Robeco has, “one of the best resourced equity research teams in Europe managing this type of active strategy. This allows them to simultaneously focus on cutting-edge research whilst managing investments to deliver their funds’ objectives.”

SJP announced a major overhaul of charges in October after intense pressure from several quarters. It plans to scrap most exit charges in a major shift due to be implemented by the second half of 2025.

The wealth manager, which has more than 4,700 advisers, acted after it saw its share price plummet by over 20% at one stage as investors became concerned about the impact of lower charges on profits.

The company is also reviewing the way one of its executive bonus schemes is awarded following criticism from some shareholders. Earlier this month it issued a Stock Exchange statement saying it would review the way the Performance Share Plan (PSP) scheme was awarded.