St James’s Place has added four new passive fund-of-funds to its Polaris range, in its first purely passive launch.

The new additions will invest in index-tracking strategies, with ongoing charges of 0.2%.

The four Polaris Multi-Index funds (designated 1 – 4 according to risk appetite) use the same asset allocation process to decide exposure and weightings to asset classes as the existing Polaris range.

Asset allocation decisions will be actively managed by SJP’s in-house investment team led by CIO Justin Onuekwusi, with the lead fund managers Robin Ellis (director of portfolio management) and Hamish Gibberd (multi asset portfolio manager) overseeing portfolio construction.  

The new funds will be available later this month.

The launch marks SJP’s latest move towards cheaper charges.

Tom Beal, group investment director at St James’s Place, said the wealth manager’s latest new offerings are part of a drive to provide clients with a wider investment selection.

He said: “Some investors want to complement or diversify their active fund exposure, while others may prefer a more straightforward option. For many, cost is also a key factor, and index-trackers provide a lower-cost alternative.

“Our aim is to evolve our proposition, so it caters to the full spectrum of our clients’ needs.”

The wealth manager, which claims to be the UK's largest, has been under scrutiny following high levels of customer complaints, with the Financial Ombudsman receiving 485 new complaints about St James’s Place in the first half of 2024 alone.

Following the scrutiny, SJP has been restructuring its charging structure, with a new charging structure coming into play from 26 August.

SJP CEO Mark FitzPatrick told analysts during the firm’s most recent financial results presentation that its programme to review historic client servicing records was “progressing.”

He added that following the FCA's new industry guidance on ongoing financial advice services, issued in February 2025, SJP has revised its redress methodology to better align it with the new industry guidance and SJP experience from the project to date.

He said because of this, the revised redress methodology has led to an £84.5 million release in the Ongoing Service Evidence provision. After tax this release equates to £63.4 million, which the company plans to return to shareholders.