SJP puts pressure on Lloyds to sell majority stake

St James’s Place (SJP) is putting pressure on Lloyds to sell its 60% stake in the business.

According to The Telegraph the management of the upmarket sales force has instructed Lazard to assess options if Lloyds decides to sell its stake. It is keen to address shareholder concerns that the company is not fulfilling its potential while still majority owned by the bank.

An SJP spokeswoman told the paper: ‘Lloyds have many things on their plate at the moment.

‘Of course there is ownership uncertainty, but the business is performing well and ensuring that continues is where management focus is.’

SJP is expected to reveal later this week that full-year profits have almost doubled. Deutsche Bank expects it to deliver operating profit of £99 million, up from £54 million the previous year.

Deutsche Bank has given a price target of 295p for the firm on the basis that it will deliver 30% earning per share growth between 2009 and 2012.