St. James's Place has not held talks with Lloyds over a stake reduction or sale, according to Reuters.
CEO David Bellamy says he would prefer a market placing to reduce Lloyds stake rather than a private equity deal. The news comes as the European Commission has demanded that Lloyds - which owns 60% of St. James's Place -sells some of its branches to introduce more competition in the latest shake-up of the UK banking industry. Bellamy's comments follow the announcement the company has appointed Chris Ralph as new chief investment officer, alongside two other appointments to the investment committee. The wealth manager reported better-than-expected third quarter results, with a £3.4b...
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