(17 July 2026 – United Kingdom) Two of St James’s Place’s largest advisory firms – Prospera Wealth Management and Wellesley Investment Management, collectively overseeing around £2bn in client assets – have left the UK wealth manager’s network, sending shares down more than 7 percent.
As reported in the FT, the departures follow reports that Sovereign Wealth, another major SJP firm managing approximately £3bn in assets, is also considering leaving, adding to pressure on a business already navigating a reputational rebuild under CEO Mark FitzPatrick.
SJP operates through roughly 5,000 individual advisers at appointed representative firms, who are restricted to selling SJP products exclusively. The firm has been restructuring since coming under scrutiny over its fee model, with charges overhauled last August, a move that reduced upfront fees for advisers and may have accelerated the economics of departure.
The exits appear to be benefiting Söderberg, the Sweden-based wealth group backed by KKR and TA Associates, which manages more than £100bn in assets and has been actively acquiring UK advisers. Wellesley has already moved into partnership with Söderberg, which earlier acquired Schroders’ financial planning arm Benchmark Capital for approximately £200mn.