St. James's Place plc

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St. James's Place plc
TypePublic limited company
LSE: STJ
FTSE 100 Component
IndustryWealth management
Founded1991; 31 years ago (1991)
FounderMike Wilson
Jacob Rothschild, 4th Baron Rothschild
Mark Weinberg Edit this on Wikidata
HeadquartersCirencester, England, UK
Key people
ProductsWealth Management
RevenueDecrease £8,061.0 million (2020)[1]
Decrease £426.4 million (2020)[1]
Increase £327.6 million (2020)[1]
Websitewww.sjp.co.uk

St. James's Place plc (branded as St. James's Place) is a British multinational wealth management business based in Cirencester, England. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.[2]

History[]

St. James's Place offices, Tetbury Road, Cirencester

The business was founded by Mike Wilson CBE, Sir Mark Weinberg and Lord Rothschild in 1991 as J Rothschild Assurance Group. In 1992, the company began trading and the Directors of J Rothschild Assurance Group established the St. James's Place Charitable Foundation.[3] In 1993, the Foundation became a UK Registered Charity.[4]

The company was first listed on the London Stock Exchange in 1997 after J. Rothschild Assurance Group acquired the publicly traded St. James's Place Capital, placing it within the FTSE 250 Index.[5][6]

In 2000, HBOS plc took a 60 per cent shareholding in the business which became St. James's Place Capital in 2001 for £760 million.[7] St. James's Place Capital later became St. James's Place Wealth Management in 2006.[4][5]

HBOS's stake passed to Lloyds Banking Group, on its acquisition of HBOS in 2009.[8] In March 2013, Lloyds sold 20% of its shareholding in St. James's Place to some institutional investors[9] and sold the remaining holdings in December 2013 for £670m.[10]

In March 2014, St. James's Place joined the FTSE 100 Index.[11] A few months later, the advisory firm Henley Group, which had offices in Hong Kong, Singapore and Shanghai, was acquired by St. James's Place and rebranded to St. James's Place Asia.[12][13]

In July 2015, St. James's Place acquired Rowan Dartington for £34.2m, which provided discretionary fund management services.[14]

In April 2016, St. James's place acquired Technical Connection, which provided consulting on taxation, trusts, financial products and product development.[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 shared with the Financial Conduct Authority.[16] The firm continues to have permission to provide regulated products and services.[17]

In February 2017, it was announced that David Bellamy was stepping down as Chief Executive.[18]

In January 2018, Andrew Croft became the Chief Executive of St. James's Place after spending the previous thirteen years as the company's Chief Financial Officer.[19]

In July 2019 the ombudsman 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.[20]

In November 2019, 14 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.[21] 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".[22] 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".[23] According to a court filing, the claim is worth £15 million (€17.5 million). However, St James's says that the statute of limitations on the claims has expired because the investments were made more than 10 years ago.[24]

Prudential's Paul Manduca replaced Iain Cornish as the firm's chairman after its AGM in May 2021.[25] As of the same month, St. James's Place reportedly has over £135 billion in funds under management.[26]

References[]

  1. ^ a b c "Preliminary Results 2020" (PDF). St. James's Place plc. Retrieved 27 February 2021.
  2. ^ "STJ:London Stock Quote - St James's Place PLC". Bloomberg.com. Retrieved 2018-01-25.
  3. ^ "St. James's Place Foundation - History". sjpfoundation.co.uk. Retrieved 21 March 2015.
  4. ^ a b "Annual Report & Accounts 2017 - St. James's Place" (PDF). Retrieved 1 July 2019.
  5. ^ a b "Our heritage". www.sjp.co.uk. Retrieved 2019-07-01.
  6. ^ "St. James's Place plc". London Stock Exchange. Retrieved 26 December 2018.
  7. ^ Jones, Rupert (2000-03-23). "Halifax buys into St James's Place". The Guardian. ISSN 0261-3077. Retrieved 2019-07-02.
  8. ^ "Lloyds to keep St James's Place stake". Reuters. 28 July 2010. Retrieved 17 March 2018.
  9. ^ "St. James's Place PLC (SJP.L)". Reuters. Retrieved 17 March 2018.
  10. ^ "Lloyds sells St James's Place stake for £670m". Financial Times. 9 December 2013. Retrieved 17 March 2018.
  11. ^ "Inflows at St James's Place jump almost 50%". Financial Times. Retrieved 14 April 2017.
  12. ^ Thomson, Grant (2014-06-16). "St James's Place completes Henley Group deal". International Adviser. Retrieved 2019-07-02.
  13. ^ "St. James's Place Wealth Management | Asia". www.sjp.asia. Retrieved 2018-09-16.
  14. ^ Dakers, Marion (2015-07-29). "St James's Place buys discretionary fund manager". The Daily Telegraph. ISSN 0307-1235. Retrieved 2019-07-02.
  15. ^ "St James's Place acquires Technical Connection". Wealth Manager. Retrieved 2019-07-02.
  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 2018-07-10.
  18. ^ "St. James's Place says CEO Bellamy to step down, shares lower". Reuters. 2017-02-28. Retrieved 2019-07-02.
  19. ^ "St James's Place's new boss takes the reins". City Wire. 2 January 2018. Retrieved 17 March 2018.
  20. ^ "Forgery and mis-selling allegation rocks advice giant St James's Place". The Sunday Times. 21 July 2019. Retrieved 21 July 2019.
  21. ^ "SJP sued by ex-football stars over tax avoidance schemes". Wealth Manager. 14 November 2019. Retrieved 13 February 2020.
  22. ^ "Andy Townsend among sports stars suing over tax advice". The Irish Times. 12 November 2019. Retrieved 13 February 2020.
  23. ^ "Andy Townsend among sports stars suing over tax advice". The Irish Times. 12 November 2019. Retrieved 13 February 2020.
  24. ^ "Andy Townsend among sports stars suing over tax advice". The Irish Times. 12 November 2019. Retrieved 13 February 2020.
  25. ^ Darbyshire, Madison (17 December 2020). "St James's Place appoints Paul Manduca as next chairman". Financial Times. Retrieved 17 September 2021.
  26. ^ "Funds under management swell to a record £135bn at St James's Place". CityAM. 29 April 2021. Retrieved 17 September 2021.

External links[]

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