Lloyds to retain 60 per cent stake in St. James's Place
Share
Lloyds Banking Group has confirmed that it will keep its 60 per cent stake in St James’s Place.
A spokesman for Lloyds confirmed the bank intends to retain the multi-tied advice firm after months of speculation that it may be sold off.
In May, SJP announced a £1bn increase in its asset under management in the first quarter of 2011. The firm reported funds under management of £28bn at March 31, 2011, a 4 per cent increase from the start of the year and a 20 per cent increase on the £21.4bn of assets at the end of March 2010.
It was reported last year that SJP shareholders were heaping pressure Lloyds to sell the business amid concerns that it was not performing to its potential under the bank.
In April this year, the Sunday Express reported that Lloyds was intending to sell SJP in a £1bn deal. The report said SJP would either be sold on the open market or placed with a select group of buyers.
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
Readers' comments (2)
Ted Hughes | 30 Jun 2011 7:01 pm
The FSA loves banks after all they failed to regulate them so a 60% shares held by a bank is perhaps why SJP gets away with regulatory murder with their Distributer Influenced Funds (DIFs) which increase costs and complexity and reduces choice. Most SJP clients I have come across think they are dealing with IFA's! The one think SJP are good at is marketing - they are so sharp it’s the clients that get cut!
Unsuitable or offensive? Report this comment
Anonymous | 13 Jul 2011 12:54 pm
This article is misleading in itself as SJP are not multi tied, they are a tied organisation!!!
Unsuitable or offensive? Report this comment