INVESTOR DEBATES IN NUMBERS

Research evidence excerpt

INVESTOR DEBATES IN NUMBERS

Global Research

22 July 2026ab

St James's Place PLC Equities

United Kingdom3 investor debates in numbers

Insurance, Life

12-month rating Buy

Key debates stem from recent news articles on adviser exits

We have had numerous investor conversations ahead of SJP's 1H26 results (on 29 July) 12m price target 1,530p

around the potential reason for and impact from advisers and partners leaving SJP. In this

note, we consider the reported departures and provide potential sensitivity analysis

Price (20 Jul 2026) 1,076p

under three extreme scenarios.

RIC: SJP.L BBG: STJ LN

Only 1-2% of advisers have left versus annual attrition of 8-9%

Trading data and key metrics

Nine SJP practices have been confirmed to have left SJP this year. The practices have

52-wk range 1,553p-1,076

mostly left to join Quilter or Soderberg & Partners. Another large practice (see here) has

Market cap. £5.67b/US$7.62b

been reported as potentially considering joining Soderberg. We estimate that the

Shares o/s 527m (ORD)

number of advisers reported to have already left represent c.1% of SJP's FY25 adviser

Free float 99%

base. Including the large potential departure, this would take the percentage to c.2%.

These YTD departures are within the range of the annual attrition at SJP at 8-9%. Avg. daily volume ('000) 2,730

However, we note that all departures are reported in the press. Avg. daily value (m) £32.7

Common s/h equity (12/26E) £1.69b

Scenario 1: Extreme adviser competition leads to better revenue sharing P/BV (12/26E) 3.3x

Advisers may be leaving for better revenue sharing at competitors relative to SJP. We run EPS (UBS, diluted) (GBX)

an extreme scenario, assuming that the entire advice fee (80bps) is shared with the UBS Cons.

adviser (currently: 55bps) from 2027 onwards.