View more on these topics

SJP pays up to £1.6m for Technical Connection

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpg

St James’s Place’s acquisition of Technical Connection is set to cost the firm up to £1.6m.

SJP’s accounts, published yesterday, show the wealth management giant could pay as little as £400,000 for the consultancy as £1.2m of the deal is based on hitting performance targets.

Technical Connection will receive a £400,000 cash payment in April next year.

“Subscription revenue and consultancy hours booked” will be among performance targets the firm needs to meet to be due a further £400,000 in April 2018 and £800,000 the following April.

The figures feature in the accounts of SJP subsidiary SJP Wealth Management Group, a holding company for the firm.

The accounts read: “It is expected that these will be paid in full with no changes to the amount initially recognised. However, if the performance targets were not met, the contingent consideration will decrease at a rate agreed on acquisition.”

In its group accounts in February, SJP confirmed that the contingent payments decrease would be “on a pro-rata basis down to a value of £nil”.

It said it valued the “goodwill” generated from Technical Connection’s expertise at £3.7m.

SJP first announced the acquisition last April, after working for 15 years with the support services provider, but did not disclose the sum of the deal.

The subsidiary accounts list a total investment of £4.5m in Technical Connection.

Recommended

SJP pensions boost drives assets to £80bn

St James’s Place’s acquisition of discretionary fund manager Rowan Dartington and a boost in its pension business has taken its funds under management to nearly £80bn. In a trading update this morning, SJP reported gross pension inflows were up a quarter from £1.18 billion to £1.47 billion for the three months to the end of […]

Tech-Technology-Computer-Pound-700x450.jpg
2

SJP spends £121m on replatforming as a quarter of assets complete transfer

St James’s Place has spent £121.1m on its replatforming project to IFDS Bluedoor so far with pension and bond business yet to be transferred and a retirement account still to be developed. According to SJP’s 2016 annual report, the balance of an “operational readiness prepayment” to IFDS reached £121.1m in 2016. The prepayment relates to costs […]

India Election Update

What a difference six months makes. Speaking in September last year, we had warned of ‘excessive pessimism’ afflicting the market’s perception of India. Since then, responsible central bank policy from the Reserve Bank of India (RBI), alongside improving global growth, has meant that India’s macro environment is strengthening quickly. The current account deficit has shrunk, inflation is falling and the government has embarked on a heavy dose of much needed fiscal consolidation. As a result, the rupee has been one of the strongest global currencies this year while the market has touched all-time highs, rallying by more than 20 per cent (GBP) since September. This begs the question: are we now in a period of ‘irrational exuberance’? Not yet.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. First Andrew Tyrrie is set to resign after many years of success and straightforward sound thinking. Now it appears we are to lose Technical Connection – who has been a great servant of advisers and the industry – Such is the fall out of the CONservatives Party’s decision to reduce the Independent Market – to one of low level, slovenly and restricted tied agents form yesteryear. Such is the American invasion ( even Dulux are coming up for grabs). Britain once Great has bene sold down the swanneee river by the Government. Only the sheep will remain under the fifty shades of May – and the bankrupt NHS and the BBC the British Bradcasting CONservative party whose poor quality reporters with an ability to read the newspapers – and where the sofa is better known than the employees. Britain has become the dumping ground for exhaust fumes of Volkswagen and Audi . Employment for the elite eg Osborne and his seven jobs along with a free yet sponsored newspaper ( just like the CONservative Party sponsored by the helite ? Separation Segregation by the CONservative Party – and their dirty tricks department carried out by their BBC. Interesting we have not heard about CONservative party electioneering from their BBC – or the warmongering or Hammond the chancellor – writing off Cuba debts to the UK whilst raising taxes . So where can we turn for justice ? where can we turn for Independence instead of the corruption in the CONservative Party ? Who wants to be a part of the treachery and corruption in Europe ? How many conservatives have joined the Labour Party as part of their Ponzi scheme scams to influence and cause issues ? Now we see the dirty tricks department on Tim Farron – known as the ” Cameron Effect “, dirty and deceitful – lacking in professionalism and ethics.

  2. I can just picture Tony Wickenden with his briefcase, foot in the door asking “You wanna buy some consultancy?”

    Typical SJP deal, delayed payment of a much smaller amount than held out at first, then a hurdle rate to keep the vendors flogging away. I’m surprised TC went for this.

Leave a comment