St James’s Place is planning to raise up to £1bn by 2030 to buy the businesses of retiring partners, as it tackles challenges wrought by its increasing scale and higher interest rates. The funds will support succession planning within SJP’s network of 2,622 partner firms, who manage the group’s relationship with its 914,000 clients. “We have been thinking about how we increasingly employ equity alongside debt to help with succession planning,” Iain Rayner, SJP’s chief operating officer, told the Financial Times.

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