St James's Place (SJP) will look to raise around £1bn over the rest of the decade in order to buy out the businesses of its retiring partners, according to a report in the Financial Times (FT).
The UK-headquartered international wealth manager's chief operating officer Iain Rayner told the FT that the business had seen pressure from higher interest rates.
Buying the books of retiring advisers has become significantly less appealing to younger advisers within the network due to the interest rates and regulatory pressures, he said.
There are 2,622 partner firms with the SJP network and around 4,800 self-employed financial advisers working within them.
"We have been thinking about how we increasingly employ equity alongside debt to help with succession planning," Rayner said. "Providing continuity of client servicing if and when advisers retire and being able to occasionally move client relationships around the partnership is really important to us."
