Shares of St. James’s Place Plc dropped the most in more than two months after the UK’s largest wealth manager said it’s reviewing its fees and charges.
(Bloomberg) — Shares of St. James’s Place Plc dropped the most in more than two months after the UK’s largest wealth manager said it’s reviewing its fees and charges.
The firm is assessing its models to ensure it operates a scalable platform for the long term and no decision has been made, it said in a statement on Friday. That was in response to a Financial Times report that the adviser is under pressure to overhaul its fee structure and reduce what it charges clients.
The company has been criticized intensely over the years for having a convoluted fee structure and charging too much for its services. The stock plunged almost 10% in early London trading on Friday, the biggest drop since July 27.
“We are confident that all the options under consideration will ensure value for clients and a strong, secure, and sustainable business for all stakeholders,” the firm said in the statement, adding it continues to engage with regulators during the process.
At the end of June, St James’s Place had £157.5 billion in assets under management.
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