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Primestone Capital calls for cost overhaul at St James's Place

Primestone Capital on Monday wrote an open letter to the board of British wealth manager St James's Place calling for broad changes to improve shareholder returns.

LONDON, Oct 26 (Reuters) - Primestone Capital on Monday wrote an open letter to the board of British wealth manager St James's Place SJP.L calling for broad changes to improve shareholder returns.

The group, which said it now owns 1.2% of St James's Place stock, said the company was undervalued due to "suboptimal management" of its cost base, which has seen its share price fail to reflect a doubling of client assets over the last five years.

(Reporting by Simon Jessop Editing by Rachel Armstrong)

((simon.jessop@thomsonreuters.com; +44 (0) 207 542 5052; Reuters Messaging: Reuters Messaging: simon.jessop.thomsonreuters.com@reuters.net))

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