Mr Gardner also thought SJP had “not done a good enough job” at providing the counter-narrative to accusations of high costs and explaining why the firm thought it added value.
Looking forward, Mr Gardner said SJP would naturally end up managing about £200bn of client money in the next few years, with growth and its typical £1bn of inflows per month.
He thought this was only a good thing. He said: “Our size and scale gives us real influence to negotiate fees, to make sure the fund managers are signed up to PRI and to ensure we’re thinking seriously about climate change.”
SJP has already announced plans to launch a low-cost range of systematically-run funds to create high-capacity, low-carbon solutions for its clients.
But Mr Gardner said straight-forward passive funds would not play a role in SJP’s future fund offering, as most passive offerings were not able to “flatten the carbon curve”.
Instead, he said he wanted SJP to offer a range of funds with lower and higher costs involved so investors could pick a “blend of funds”.
SJP also plans to launch a range of ‘in-retirement funds’ to service its main client demographic, 55 to 85 year olds. The aim is to help clients manage the deccumulation phase, where wealth needs to be transferred to income.
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