St. James’s Place has confirmed Justin Onuekwusi as investments CEO on a permanent basis, formalising an arrangement that had been in place on an interim footing since January. Onuekwusi now joins the group executive committee and takes full, permanent charge of the Investment Directorate, a division responsible for investment strategy, fund governance, platform innovation and the group’s discretionary fund management activities through SJP Investment Management.
Justin Onuekwusi investments CEO: what the role covers
The Investment Directorate sits at the heart of SJP’s proposition to clients, and the appointment carries considerable operational weight. Onuekwusi will lead the continued development of the Polaris range and SJP’s broader fund offering, while also strengthening governance and resilience across the investment platform. He replaces Tom Beal, who has been on compassionate leave since the end of last year and has decided to leave the firm. SJP chief executive Mark FitzPatrick thanked Beal for his ‘contribution to the Investment Directorate over many years’ and wished him well.
Onuekwusi joined SJP in October 2023 as chief investment officer, arriving after a decade at Legal & General Investment Management (LGIM), where he served as head of retail investments for EMEA and head of retail multi-asset funds. His broader career spans more than 20 years and includes roles at Aviva Investors, Merrill Lynch and Aon. FitzPatrick described him as having made ‘an enormous impact’ since joining, citing in particular ‘a significant role in strengthening our investments proposition, a key differentiator for clients that sets St James’s Place apart.’
Onuekwusi himself said he was ‘honoured’ to take on the role permanently, adding: ‘Over the past three years we have built a stronger, broader investment proposition for clients, strengthened our investment capabilities and continued to evolve the SJP fund platform.’
Polaris range growth and the State Street partnership
The appointment follows a period of deliberate expansion in SJP’s model portfolio offering. The Polaris Multi-Index range launched in October 2025, and the overall Polaris range passed £100 billion in assets in March 2026. That scale of assets under management makes the governance and stewardship of the underlying funds a matter of material consequence for clients, particularly those in or approaching drawdown who depend on consistent, predictable performance.
For the Multi-Index range, Portfolio Adviser reports that SJP selected State Street Investment Management to develop 14 underlying index tracking funds, bringing a substantial institutional indexing capability to bear on the product’s construction. According to ETF Express, lead fund managers Robin Ellis, director of portfolio management, and Hamish Gibberd, multi-asset portfolio manager, will oversee portfolio construction. The use of a major custodian and index manager in State Street adds a layer of operational credibility that investors in passive-oriented strategies will recognise.
SJP’s half-year results showed investment returns equivalent to 16.4% of opening funds under management on an annualised basis. For a portfolio that now exceeds £100 billion, that figure will draw attention, though past performance in any market environment offers no certainty about future outcomes. Investors in accumulation phase may find the scale and diversification of the Polaris range appealing; those in decumulation should weigh sequence-of-returns risk carefully before placing a heavy reliance on any single provider’s fund range.
Onuekwusi acknowledged the road ahead: ‘Looking ahead, we will continue to focus on investment excellence, innovation and delivering the best possible outcomes for clients.’ With the Polaris range now at scale and the State Street partnership embedded in its index-tracking infrastructure, the practical question for clients and their advisers is how the Investment Directorate performs its governance role over the fund range as market conditions evolve. SJP’s next set of full-year results will offer the first formal reading of Onuekwusi’s stewardship in the permanent role.
