Bank to keep 60% stake in St James's Place
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Lloyds Banking Group has confirmed it will keep its 60 per cent stake in St James’s Place.
Last week, Lloyds said the bank intends to retain the multi-tied advice firm after months of speculation that it may be sold off. In May, SJP revealed a £1bn rise in assets under management in the first quarter of this year. The firm reported assets under management of £28bn at March 31, up by 4 per cent from £27bn at the start of the year and a 20 per cent rise on the £21.4bn of assets at the end of March 2010.
It was reported last year that SJP shareholders were putting pressure on Lloyds to sell the business amid concerns that it was not performing to its potential.
In April, it was 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.
PMI Independent Financial Advisers director John Stewart says: “SJP has a reputation for delivering good returns and Lloyds obviously sees it as a sound long-term investment. From SJP’s point of view, it has a strong parent behind it.”
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