St. James's Place plc

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St. James's Place plc
Public limited company
Traded as LSESTJ
FTSE 100 Component
Industry Finance
Founded 1991; 27 years ago (1991)
Headquarters Cirencester, Gloucestershire, UK
Key people
Sir Mark Weinberg, Life President
Products Wealth Management
Revenue £9,082.6 million (2017)[1]
£342.1 million (2017)[1]
£186.1 million (2017)[1]
Website www.sjp.co.uk

St. James's Place plc (branded as St. James's Place Wealth Management) is a UK-based wealth management business. It was listed on the London Stock Exchange in 1997 and is a constituent of the FTSE 100 Index.[2]

History[edit]

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, later changed to St. James's Place plc. In 1992, the Directors of J Rothschild Assurance Group established a Charitable Foundation.[3] In 2000, HBOS plc took a 60 percent shareholding in the business, a stake which passed to Lloyds Banking Group, on its acquisition of HBOS in 2009.[4] In March 2013, Lloyds sold 20% of its shareholding in St. James's Place to a broad base of institutional investors[5] and sold the remaining holdings in December 2013.[6] In March 2014, St. James's Place joined the FTSE 100 Index.[7]

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.[8] The firm continues to have permission to continue to provide regulated products and services.[9]

In January 2018, Andrew Croft became the Chief Executive of St. James’s Place[10] after spending the previous thirteen years as the company’s Chief Financial Officer.[11]

St. James's Place has recently expanded its financial services to Asia, with offices located in Hong Kong, China and Singapore.[12]

References[edit]

  1. ^ a b c "Preliminary Results 2017" (PDF). St. James's Place plc. Retrieved 17 March 2018. 
  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. ^ "Lloyds to keep St James's Place stake". Reuters. 28 July 2010. Retrieved 17 March 2018. 
  5. ^ "St. James's Place PLC (SJP.L)". Reuters. Retrieved 17 March 2018. 
  6. ^ "Lloyds sells St James's Place stake for £670m". Financial Times. 9 December 2013. Retrieved 17 March 2018. 
  7. ^ "Inflows at St James's Place jump almost 50%". Financial Times. Retrieved 14 April 2017. 
  8. ^ "Exclusive: wealth manager St James's Place misleading customers on charges". Which. 17 July 2017. Retrieved 26 April 2018. 
  9. ^ "Financial Conduct Authority". register.fca.org.uk. Retrieved 2018-07-10. 
  10. ^ "Wealth manager St James's Place expects rising demand from next ultra-rich generation". The Telegraph. 28 February 2018. Retrieved 20 March 2018. 
  11. ^ "St James's Place's new boss takes the reins". City Wire. 2 January 2018. Retrieved 17 March 2018. 
  12. ^ "St. James's Place Wealth Management | Asia". www.sjp.asia. Retrieved 2018-09-16.