St. James's Place shares soared almost 15% this morning as chairman Mike Wilson expressed confidence HBOS will retain its 60% stake in the wealth manager beyond the merger with Lloyds TSB.
Speaking to Reuters today, Wilson says Lloyds TSB chief Eric Daniels told him three weeks ago the enlarged group was keen on growing in the wealth management arena and remained “a big fan” of the firm. “I have no reason to think the 60% shareholding will do anything other than go across to Lloyds,” Wilson says. Last month, Friends Provident was rumoured to be keen on acquiring HBOS’ stake in the firm. St. James's Place today reported steady new business figures for the three months to 30 September, at £101.9m. Pensions new business climbed 30% to £51m, offsetting a 20% drop in investment...
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