The existential threat at the heart of Britain's biggest wealth manager

Fees made St James's Place rich but now risk toppling the firm

St James’s Place, Britain’s biggest wealth manager, was promoted to the FTSE 100 for the first time almost exactly ten years ago.

It was a huge moment for the Gloucestershire-based firm, which although had the ring of a centuries-old wealth manager, was just 23 at the time. When the companies that make up the blue-chip index are next reviewed in June, however, there is a real risk that St James's Place will be dumped out of the FTSE's top flight - encapsulating a significant fall from grace for the once-lauded investment house. When asked if the company was in danger of being relegated from the FTSE 100, an industry expert, who asked to remain anonymous, answered: "It's not a danger, it's a near certainty." F...