St James’s Place (SJP) has taken a 19.9% stake in one of its partner firm’s parent company, Cooper Associates Group.
UK-based Cooper Associates Group covers mortgage and accountancy services, and the partner firm is Cooper Associates Wealth Management which has had the connection with SJP since 2010.
The wealth manager bought the shares in December for an undisclosed sum from executive chair Lee Cooper. He remains the majority shareholder with a stake of 60.1%.
Meanwhile, director of partner remuneration John Owen has also joined the group’s board.
As one of SJP’s largest partner firms, Cooper Associates Wealth Management has approximately £750m in assets under management and 18 financial advisers.
Cooper said: “There are clearly some benefits from a smaller business moving into a larger business. If an adviser is at capacity and cannot absorb any more relationships, in a larger business there is a very smooth handover, without that client having to move to a different practice.”
In its most recent financial results, SJP reported an increase in client funds under management to £179bn, up from £153.6bn, for the three months ended 31 March 2024.
