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St James's appoints ICAP's Gregson as chair

By Daily Mail Reporter
Updated: 03:26 EDT, 6 May 2011

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Blue-blooded money manager St James's Place has drafted in a new chairman ahead of an expected sale by Lloyds Banking Group.

Mike Wilson, who co-founded the business two decades ago, is stepping aside and will be replaced by Charles Gregson, who is currently chairman of broking giant ICAP.

The changing of the guard comes as Lloyds' new chief executive, António Horta-Osório, conducts a strategic review of the state-controlled lender, which is set to be published next month.

The Portuguese banker is tipped to spin off the bank's 60% stake in St James's Place in a bid to raise funds to wean Lloyds off its dependence on the taxpayer loans.

New sales at St James's Place (down 8.3p to 436.45p) rose by 18% to £156.7m in the first quarter.

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