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St James’s Place: beware a falling fee fiasco

St James's Place plaque on a wall

In the first half of 2019, total fee and commission income rose to 2.3% of funds under management on an annualised basis. This explains the sharp increase in profits in the first half. But what if the same happens in reverse and management fees fall to align better with the fund supermarket industry? Our calculations reveal how low SJP can go before its business model begins to unravel.

Fast cars and fancy lunches are often associated with the wealth management industry. Now, thanks to an article written by an ex-partner of FTSE 100 firm St James’s Place (LON: STJ), so are cufflinks and cruises – the reported perks offered to partners who bring in new clients or hit their sales targets for the year. Those new clients, many of whom will have had to cough up 5% of their portfolio to become a client of SJP aren’t likely to be too happy about reports of the perks. That might be the reason chief executive Andrew Croft circulated a…

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