St James's Place tumbles as partner firm Sovereign Wealth said to be eyeing exit

(Sharecast News) - Shares in St James's Place tumbled on Friday following a report that one of its largest partner firms, Sovereign Wealth, is the latest set to leave as the wealth manager faces retention challenges. According to Financial News, Sovereign Wealth is in talks about joining Swedish wealth management group Söderberg & Partners.

According to its website, Sovereign Wealth has around £3bn of funds under management and a network of more than 50 advisers around the UK.

At 1015 BST, St James's Place shares were down 9% at 1,149.50p.