European Wealth Management Stocks Swept Up in AI Concerns

European wealth management was the latest sector to be rattled by artificial intelligence developments, as a new tool spurred concern that parts of the industry will be automated.

St James’s Place Plc led a selloff on Wednesday, tumbling as much as 13%, with its UK peer Quilter Plc also falling. Swiss firms Julius Baer Group Ltd and UBS Group AG both declined about 4%.