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(Sharecast News) - St James's Place tumbled on Thursday following a report that two more of its large appointed representatives have left the network.
According to Bloomberg, which pointed to the FCA register, Sheffield-based Prospera Wealth Management was deauthorised as an SJP partner practice on the register on 18 June, while Southeast-based Wellesley Investment Management was deauthorised on 23 June.
Prospera's website says it is currently "undergoing maintenance but we will be back up and running very soon". A source told Bloomberg the advice firm was joining Swedish wealth management group Söderberg & Partners, which is taking a lot of SJP advisers. However, this has not been yet confirmed by the FCA register or Companies House.
Wellesley's website link on the FCA register redirects users to a new site, which says Wellesley is now part of Söderberg & Partners.
On the Wellesley website, the company hailed its "partnership with Söderberg & Partners, one of Europe's leading financial services groups".
"For over 30 years, Wellesley has helped individuals and families across the South East build, protect and enjoy their wealth through trusted, personal advice," it said. "Today, we're entering an exciting new chapter that strengthens our ability to deliver for clients, both now and into the future.
"By joining the Söderberg & Partners network, we combine the personal relationships and tailored advice that define Wellesley, with the investment expertise, scale and innovation of an international organisation overseeing more than £100 billion in assets under advice."
At 1440 BST, SJP shares were down 7.5% at 1,113.50p.
Shares in the London-listed wealth management firm slid last week following a Financial News report that Sovereign Wealth, one of its largest partner firms, was heading for the exit and in talks about joining 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.
