Spencer House, an 18th-century mansion, looks out onto leafy Green Park, a stone’s throw from Buckingham Palace. The Grade I listed building is currently owned by Earl Spencer, the brother of Diana, Princess of Wales. It has busts and oil paintings in its grand lobby.

It is exactly the kind of place where critics would expect to find St James’ Place, Britain’s largest wealth manager. It is the firm other managers have loved to hate more than any other in recent years.