St James's Place

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.

St James's Place (SJP) took advantage of a "dislocation" in the advice market caused by regulatory upheaval to grow adviser numbers by more than 6% in the first half of the year, its CEO David Bellamy has said.

M&G's director of UK advisory has predicted it could take up to two years to properly gauge demand for restricted propositions among the adviser community.

St James's Place stock has fallen 10% in today's trading after majority shareholder Lloyds Banking Group placed 77m shares into the market.

Lloyds has said it will raise £450m in gross proceeds by selling a 15% stake in wealth manager St. James' Place (SJP).

Lloyds Banking Group has moved to place a further 15% of St James's Place (SJP) shares that it owns into the market in a surprise move which will leave it with just 21% of the company's share capital.

Lloyds Banking Group has reported pre-tax profits of £2bn for the first quarter, well ahead of analysts' estimates, after the lender made a number of cost savings and profited from selling 20% of its stake in St. James's Place (SJP).

Restricted adviser St James's Place is set to capitalise on a number of high-profile exits from the advice market by high-street banks.

Assets under management at wealth manager St James's Place were up £4.2bn to a record £39bn, interim results released today show.