Lloyds Banking Group is set to sell a 12% stake in wealth manager St James's Place (SJP) and take £390m, according to The Sunday Times.
St James's Place has paid out £1.25m in compensation and redress to clients after uncovering evidence of serious misconduct by former partner Christopher Bladen.
Charles Gregson, chairman of St. James's Place, is stepping down from his role at the end of the year to be replaced by Sarah Bates.
St. James's Place, the wealth management group, has reported it now has funds under management of £41.8bn, up 5% over the three months ended 30 September 2013, and 20% since the start of the year.
Wealth management firm St James's Place is reviewing two mandates managed by Neil Woodford after yesterday's shock departure announcement.
St James's Place has selected IFDS to administrate its protection, investments, pensions and collectives business.
The Financial Ombudsman Service (FOS) threw out two-thirds of gripes against the most complained-about advisory groups in the first half of 2013, figures show.
Wealth manager St. James's Place has selected Time4Advice to provide its back-office platform.