Is St James's Place for sale? Market watchers assume the upmarket financial adviser must be, now that 60% shareholder HBOS has been rescued by the Government and bundled into Lloyds TSB.

Chief executive David Bellamy insists he's just getting on with running the company - something today's results suggest he is doing well. Profits for 2008 fell by £40 million to £204 million but new business figures are resilient, and existing clients are staying put.

Bellamy said it was "too early to call" what will happen to the shares, now owned by Lloyds which is in turn 43%-owned by the taxpayer.

"HBOS were good shareholders, they did not interfere," he said. "Clearly, the short-term position is not desirable."

Cazenove says the relationship with Lloyds "appears stable for now". But culturally St James's Place won't enjoy being owned by a state-controlled entity. The Government itself may object to owning a business seen, perhaps unfairly, as a haven for high-rollers and flash salesmen.

St James's Place was founded in 1991 by Mike Wilson, Sir Mark Weinberg and Lord Rothschild.Wilson, who ran the business for years, is now chairman but shows little sign of slowing down.

St James's clients - typically with investments of between £50,000 and £5 million - are stoic about the market turmoil, Bellamy said.

The dividend for the year is 4.39p, up slightly on last time.