OMGI's Watts doubles stake in 'RDR winner' SJP

Old Mutual Global Investors' Richard Watts has doubled his stake in St James's Place (SJP) since the start of the year, arguing the firm has emerged as one of the biggest RDR winners.

Watts, manager of the top-quartile £1bn Old Mutual UK Select Mid Cap fund, said SJP has built up a "powerful proposition" which will lead to a significant share price re-rating. The manager said he topped up his position from 1.5% to 3% of the fund after Lloyds put its 20% stake in wealth manager St James's Place up for sale last month, viewing the 5% discount price of the shares as a buying opportunity. "St James's Place has built itself a powerful proposition and is certainly one of the biggest winners of RDR. There is now effectively a network of IFAs tied to SJP, which will only c...