St James’s Place (SJP) advisers currently owe business loans in excess of £900m through its business sale and purchase (BSP) scheme after a record year for loans in 2023.
An investor document released by the wealth management giant explained that the scheme allows its partner adviser businesses to take on clients of retiring or downsizing partners. It stated that the purchases are supported by loans facilitated by SJP and there has been a 10% increase in the number of transactions in 2023 with new lending exceeding £200m. Out of the £900m, £340m was directly funded through its shareholders and the remaining balance is funded by third-party funding options, SJP confirmed. The loans are secured against partner income and had an aggregate loan-to-value...
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