St. James's Place plc

St. James's Place plc, formerly St. James's Place Capital plc, is a British investment management company. The head office is in Cirencester, in Gloucestershire, and there are over twenty other offices in the United Kingdom.[6] It is a combined adviser, fund manager and life insurance business.[7] It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.[8] It is the largest company of its kind in the UK;[9] In 2023 it had £153.62 billion in funds under management.[5]

St. James's Place plc
TypePublic limited company
LSE: STJ
FTSE 100 Component
IndustryWealth management
Founded1991 (1991)
FounderMike Wilson
Mark Weinberg Edit this on Wikidata
HeadquartersCirencester, England, UK
Key people
Paul Manduca (chairperson)[1][2]
Mark FitzPatrick (CEO)[3]
ProductsWealth Management
RevenueDecrease £(11,807.3) million (2022)[4]
Decrease £0.7 million (2022)[4]
Increase £501.8 million (2022)[4]
AUM£153.62 billion (2023)[5]
Websitewww.sjp.co.uk

History

The business has its origins in an entity founded by Mark Weinberg and Mike Wilson in 1991. It secured the financial backing of Jacob Rothschild and became known as J. Rothschild Assurance.[10]

In 1997 J. Rothschild Assurance merged with – and took on the name of – a much smaller entity, St. James's Place Capital.[11]

The business was restructured and transferred to a new legal entity in 2000, when Halifax plc (formerly the Halifax Building Society) took a 60 per cent shareholding for £760 million.[12]

In 2001 Halifax merged with the Bank of Scotland to form HBOS, which in 2009 was bought by the Lloyds Banking Group, which thus acquired a majority holding in St. James's Place Capital.[13] In March 2013 Lloyds sold 20% of its holding to institutional investors,[14] and in December that year sold its remaining holding by private placement for £670m.[15]

In July 2017 an investigation by Which? accused St James's Place of misleading customers on charges. Tom Wilson, author of the article, writes, "There are legitimate reasons why costs might vary – SJP's recommended funds have different charges, so the actual fees will depend on which funds you end up with." The findings of the investigation were sent to the Financial Conduct Authority.[16] The firm continues to have permission to provide regulated products and services.[17]

In July 2019, the Financial Ombudsman Service raised "serious concerns", after a client had been persuaded to transfer more than £60,000 to the company, over claims that St. James's Place had "doctored" documents with "forged" signatures to hide the advice allegedly given by the company to the client.[18]

In November 2019 fourteen former footballers sued St James's Place for £15m, alleging that they had received poor advice concerning tax avoidance regarding film and overseas property investment schemes.[19] A spokesperson for St James's Place said, "the partner who pointed the investors toward the plan did not have its authorisation to do so, and that St James's didn't approve of the proposal".[20] The spokesperson also said, "the partner had retired by the time many of the investments were made, and that others were placed through a self-invested personal pension by a third party".[20] According to a court filing, the claim is worth £15 million (€17.5 million). However, St James's said that the statute of limitations on the claims had expired because the investments had been made more than 10 years before.[20] In May 2023, SJP opened an office in Dubai’s International Financial Centre after receiving approval from the Dubai Financial Services Authority.[21]

Acquisitions

In 2014 the company bought Henley Group, a financial advisor with offices in Hong Kong, Singapore and Shanghai, and renamed it St. James's Place Asia.[22][23] It bought Rowan Dartington, a discretionary fund manager, for £34.2m in 2015,[24] and Technical Connection, a financial consultancy, in 2016.[25]

People

In January 2018 Andrew Croft replaced David Bellamy as chief executive, after thirteen years as chief financial officer.[26][27]

Paul Manduca replaced Iain Cornish as chairman of the firm after the annual general meeting in May 2021.[1]

In September 2023, Andrew Croft stepped down as CEO after five years in the role. Mark FitzPatrick was announced as his replacement.[3]

References
  1. Darbyshire, Madison (17 December 2020). "St James's Place appoints Paul Manduca as next chairman". Financial Times. Archived from the original on 21 March 2022. Retrieved 17 September 2021.
  2. "Funds veteran Paul Manduca to chair SJP". Citywirte. 17 December 2020. Retrieved 18 January 2023.
  3. "St James's Place appoints Mark FitzPatrick as CEO". The Business Magazine. 14 September 2023.
  4. "Preliminary Results 2022" (PDF). St. James's Place plc. Retrieved 28 February 2023.
  5. "First quarter new business inflows and funds under management update 2023". St. James’s Place. 27 April 2023.
  6. "Locations". St. James’s Place. Retrieved 22 September 2022.
  7. "Flat is good at St James's Place". Investors Chronicle. 29 July 2022. Retrieved 25 January 2023.
  8. "STJ:London Stock Quote - St James's Place PLC". Bloomberg.com. Retrieved 25 January 2018.
  9. "UK's largest wealth manager SJP warns of slowing growth". Financial Times. 24 February 2022.
  10. "Meet the newest grandees in town". The Guardian. 24 June 2007. Retrieved 18 January 2023.
  11. Davis, Jonathan (2013). Money Makers: The Stock Market Secrets of Britain's Top Professional Investment Managers. ISBN 9780857191434.
  12. Jones, Rupert (23 March 2000). "Halifax buys into St James's Place". The Guardian. ISSN 0261-3077. Retrieved 2 July 2019.
  13. "Lloyds to keep St James's Place stake". Reuters. 28 July 2010. Retrieved 17 March 2018.
  14. "St. James's Place PLC (SJP.L)". Reuters. Retrieved 17 March 2018.
  15. "Lloyds sells St James's Place stake for £670m". Financial Times. 9 December 2013. Retrieved 17 March 2018.
  16. "Exclusive: wealth manager St James's Place misleading customers on charges". Which. 17 July 2017. Retrieved 26 April 2018.
  17. "Financial Conduct Authority". register.fca.org.uk. Retrieved 10 July 2018.
  18. "Forgery and mis-selling allegation rocks advice giant St James's Place". The Sunday Times. 21 July 2019. Retrieved 21 July 2019.
  19. "SJP sued by ex-football stars over tax avoidance schemes". Wealth Manager. 14 November 2019. Retrieved 13 February 2020.
  20. "Andy Townsend among sports stars suing over tax advice". The Irish Times. 12 November 2019. Retrieved 13 February 2020.
  21. Dey, Paromita (30 May 2023). "UK wealth manager expands presence in the Middle East". City Wire Middle East. Retrieved 21 July 2023.
  22. Thomson, Grant (16 June 2014). "St James's Place completes Henley Group deal". International Adviser. Retrieved 2 July 2019.
  23. "St. James's Place Wealth Management | Asia". www.sjp.asia. Retrieved 16 September 2018.
  24. Dakers, Marion (29 July 2015). "St James's Place buys discretionary fund manager". The Daily Telegraph. ISSN 0307-1235. Retrieved 2 July 2019.
  25. "St James's Place acquires Technical Connection". Wealth Manager. Retrieved 2 July 2019.
  26. "St. James's Place says CEO Bellamy to step down, shares lower". Reuters. 28 February 2017. Retrieved 2 July 2019.
  27. "St James's Place's new boss takes the reins". City Wire. 2 January 2018. Retrieved 17 March 2018.
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