St James's Place has been given some clarity over its near-term future after parent group Lloyds Banking Group said it had "no intention" to offload its 60% stake in the wealth manager "at this time".

David Bellamy, chief executive of the wealth manager, told Financial News this morning he was relieved finally to have some clarity on the matter, which has dogged the Cirencester-based wealth manager ever since the government shored up a 70% stake in Lloyds as part of the rescue package in 2009. The Halifax originally bought the stake in 2000 before it became HBOS and then Lloyds Banking Group.