Key facts
- St James's Place (SJP) shares fell nearly 10% after reports of two large appointed representative (AR) exits.
- Wellesley Investment Management, one of the departing ARs, has joined rival network Söderberg & Partners.
- Prospera Wealth Management is also reported to have left SJP's network.
- Both firms are no longer listed as SJP ARs on the Financial Conduct Authority's register.
St James's Place (SJP) shares experienced a significant decline, opening lower on July 17 after a slide the previous day. The drop followed news that two large appointed representatives (ARs) have exited the wealth manager's network. At least one of these firms, Wellesley Investment Management, has reportedly joined rival network Söderberg & Partners. Prospera Wealth Management is also understood to have left SJP. Both Wellesley and Prospera are no longer listed as SJP ARs on the Financial Conduct Authority's register of authorised firms. At the time of reporting, SJP's share price was down 9.9% from its opening price on Thursday.