Activist investment firm PrimeStone Capital LLP wants a radical shake-up of wealth manager St James’s Place after accusing the firm of having a "bloated" organisational structure and suffering dismal share price performance.

Wealth managers, professional associations, regulators, investment and protection providers have signed up to the Business in the Community’s Race at Work Charter.

Jonathan McMahon, former chief operating office at St James’s Place, has written a book on the Coronavirus pandemic and how with purposeful leadership the 2020s does not need to be a “decade of crises or lost opportunities.”

Net inflow of funds dropped slightly and funds under management fell by £1.3bn at wealth management giant St James’s Place in the first half of 2020.