St James's Place reports H1 profit fall amid client exits and charging controversy

St James's Place reported a 5% decrease in its adjusted profit after tax for the first half of 2026, falling to £224.4 million. The wealth manager is contending with client departures, including a firm managing approximately £1 billion in assets, and a controversy regarding advisors charging clients twice. Despite the profit decline, assets under management reached a record £240.8 billion, bolstered by market performance and gross inflows. However, net inflows decreased to £2.7 billion from £3.8 billion in the prior year's comparable period. The company is implementing cost-saving measures targeting £100 million annually and has adjusted its charging structure to align with the Financial Conduct Authority's Consumer Duty regime. St James's Place stated that its new charging structure benefits clients by applying all charges from the investment date, differing from the previous model focused on ongoing product charges.