Editor's view: Wizards in Cirencester as SJP bounces back

The editor's Friday Night Takeaway from 2 August

Jen Frost
clock • 1 min read

Gloucester-based IFAs, did you see any wizards en route to Cirencester this week?

If so, they may have been on the way to wrestle the elixir of life back from St James's Place (SJP). Scandal-smashed SJP bounced back into action on Tuesday, with its share price rising 25% on news of a massive cost-cutting endeavour.  The revival follows a tragic rather than magic few months in which the wealth management giant took a stock market pummelling. A key driver of that pain, last February it stashed aside more than £425m to pay back clients who may not have received advice they paid for. Some of that staggering sum will be recouped from partner firms. In an investor ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Companies

MKC Wealth makes double IFA acquisition

MKC Wealth makes double IFA acquisition

Both firms have been acquired for an undisclosed sum

Isabel Baxter
clock 25 November 2024 • 2 min read
The Penny Group adds £90m of assets with Surrey planning firm buy

The Penny Group adds £90m of assets with Surrey planning firm buy

Chartered firm snaps up Whiting Financial

Isabel Baxter
clock 20 November 2024 • 2 min read
FSCS declares Stoke-on-Trent advice firm failed for pension transfer advice

FSCS declares Stoke-on-Trent advice firm failed for pension transfer advice

Norrix Financial Services was dissolved this month

Isabel Baxter
clock 20 November 2024 • 1 min read