• SJP continues to actively assess the evolving alternatives and private markets landscape as clients' needs and investment preferences change.
  • Following a strategic review, SJP has concluded that the Diversified Assets Fund no longer has a long-term role within its investment range.
  • Subject to regulatory approval, the Fund is expected to wind-up this year.
  • The Fund has been and continues to be managed by KKR. KKR will manage the Fund throughout the wind-up process.
  • SJP will meet the direct legal and administrative costs of closure and eliminate management fees during the wind-up period. KKR has waived its fees for the remainder of the Fund's life.
  • Alternatives remain an important part of the investment universe, available through St. James's Place Investment Management
     

As clients' needs, investment solutions and portfolio construction approaches have evolved, St. James's Place (SJP) has continued to assess how alternative assets are accessed on behalf of clients.

Following a strategic review, SJP has concluded that the St. James's Place Diversified Assets (FAIF) Unit Trust ("DAF") no longer has a sustainable long-term role within its offering. As a result, SJP's Unit Trust Board has agreed to suspend DAF and is applying to the Financial Conduct Authority for approval to close the Fund.

SJP is taking this proactive decision following a shift in demand for the strategy, seeking to provide greater certainty for clients and enabling the Fund to be managed through an orderly wind-up. DAF contained less than 0.6% of SJP’s overall AUM on 31 August 2026. By acting now, SJP aims to protect clients' interests and ensure all clients are treated fairly and consistently throughout the process.

The decision to suspend and seek closure of DAF does not reflect a change in SJP's view of alternatives as an asset class. Recent years have seen significant innovation across alternative and private market investing, with investors able to access opportunities through a broader range of structures, vehicles and investment approaches. Alternatives remain part of SJP's investment universe and opportunities across the asset class will continue to be actively assessed, including through St. James's Place Investment Management.

Justin Onuekwusi, Chief Executive Officer, Investments at St. James's Place, said:

“We continue to believe that alternative investments can play a valuable role within certain portfolios and that private capital has an important role to play in supporting UK economic growth. However, the alternatives landscape has changed significantly since DAF was launched. Following a review, we concluded that DAF no longer has a long-term role within our investment proposition. This decision should not be interpreted as a change in our view of alternatives or our confidence in KKR as the investment adviser. We maintain active coverage of opportunities across private markets and other alternative strategies, including through St. James's Place Investment Management.”

"Importantly, this is a proactive decision. By acting now, we can provide greater certainty for clients and manage the wind-up in an orderly manner, in the best interests of clients."

"Our priority is to make the process as clear, fair and straightforward as possible. SJP will absorb the direct legal and administrative costs of closure, reduce the fund charge to zero and ensure clients are supported by their advisers throughout."

SJP is applying to the Financial Conduct Authority for approval to close the Fund. Subject to that approval, SJP expects to complete the wind-up of the Fund in an orderly manner and return capital to clients this year.

The Fund continues to operate within its investment objectives and risk parameters and will remain managed by KKR throughout the wind-up process.

 

 

Notes to Editors

  • Clients do not need to take any immediate action.
  • SJP is writing to affected clients and will continue to provide updates throughout the wind-up process.
  • SJP will meet the direct legal and administrative costs associated with closing the Fund.
  • Clients will pay no annual management charge during the wind-up period.
  • Subject to regulatory approval, SJP expects to complete the wind-up of the Fund this year.