St James's Place (AO) | Buy | Partner firm exits - Negative

研报英文原文证据摘录

St James's Place (AO) | Buy | Partner firm exits - Negative

News comment

Release date: 10 July 2026

Fahad Changazi

Equity Research Analyst

+44 207 621 5151

fchangazi@keplercheuvreux.com

Batikan Kaya

Buy +44 207 621 5148St James's Place

bkaya@keplercheuvreux.com

United Kingdom | Banks & Asset Managers Beta Profile: MCap: GBP6.5bn

Target Price: 1935p Bloomberg: STJ LN Reuters: SJP.L

Current Price: 1263.50p Free float 100.0%

Up/downside: 53.1% Avg. daily volume (GBPm) 3,018.0

YTD abs performance -8.7% Market data: 09 July 2026

52-week high/low (GBP) 1553.00/1127.50

Partner firm exits - Negative

Key points:

Financial News is reporting that one of St James’s Place’s largest partner firms, Sovereign Wealth (AuM GBP 3bn vs STJ Group AuM

GBP 240bn) is leaving STJ to join Swedish wealth group Söderberg & Partners. This follows other firm exits this year to Quilter,

True Potential and again Söderberg & Partners, albeit these were smaller.

Separately, Citywire reported yesterday (9 July) that Quilter had changed its fee model after a consultation period with advisers.

The new advice charges are lower compared to St James's Place, which implies pressure on STJ advice charges downwards as

well. However, we highlight that under STJ's new charging structure (implemented August 2025), the initial advice charge is due

to the Adviser rather than STJ, with STJ only getting 25bps of the 80bps ongoing advice charge.

Taking out GBP 3bn of AuM would reduce our STJ 2027/2028 EPS estimates by 2% vs the stock down 7%. However, there is some market

uncertainty given the previous exits, while some competitive pressure on advice charges (albeit STJ earnings impact will be limited,

given it does not get much of the advice charges), where we need further visibility.