Two of St James’s Place’s largest advisory firms, Prospera Wealth Management and Wellesley Investment Management, have left the company. These firms collectively manage over £2bn in client assets. Their departure, confirmed by the Financial Conduct Authority’s register, caused shares in the UK wealth manager to fall by more than 7 percent.

Adding to the concern, Sovereign Wealth, another major advisory firm with approximately £3bn in assets, is reportedly considering leaving SJP’s network. SJP, which operates through around 5,000 individual financial advisers, has been undergoing restructuring under chief executive Mark Fitz Patrick since his appointment in 2023. The firm recently adjusted its fee structure to lower upfront costs for advisers.

Meanwhile, rivals like Sweden-based Söderberg, which includes former SJP chief David Bellamy as a non-executive, are expanding rapidly. Söderberg, backed by KKR and TA Associates, manages over £100bn and has been acquiring financial advisers, including Schroders’ Benchmark Capital. SJP also faces legal challenges from former advisers regarding client compensation.