Shares in St James’s Place tumbled on Friday following a report that one of its largest partner firms, Sovereign Wealth, is the latest set to leave as the wealth manager faces retention challenges.
Source: Sharecast
According to Financial News, Sovereign Wealth is in talks about joining Swedish wealth management group Söderberg & Partners.
According to its website, Sovereign Wealth has around £3bn of funds under management and a network of more than 50 advisers around the UK.
At 1015 BST, St James’s Place shares were down 9% at 1,149.50p.
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