FTSE-100 wealth manager St James’s Place has appointed Justin Onuekwusi as its chief investment officer.
Onuekwusi was most recently head of retail investments, Emea, for LGIM, having also worked as head of retail multi-asset funds at the asset manager.
Prior to that he was a multi-asset fund manager at Aviva Investors, and a vice president at Merrill Lynch.
Onuekwusi will join SJP in October.
Tom Beal, director of investments at St James’s Place, said: “Justin will support the continual evolution of our investment management approach as we pursue our goal to deliver superior investment performance in a safe, responsible and cost-efficient manner, whilst continuing to meet the evolving needs of our partners and clients.”
Onuekwusi is replacing Beal, who was promoted after Rob Gardner stepped down as head of investments to set up a new venture in the environmental sector.
The appointment comes at a time of heavy downward pressure on fees and an uncertain future for the investment sector as sharply rising interest rates impact returns.
This has encouraged consolidation in the sector, which earlier this month saw Rathbones and Investec Wealth and Investments merge.
Cost savings were part of the reason for the tie-up, which will help the firm manage the rising cost of regulation and allow it to invest further in its technology.
sally.hickey@ft.com
