The UK’s largest wealth manager, St James’s Place, pays its female staff 46 percent less than men.

Though it is by no means alone, with the country’s 10 largest wealth managers all reporting mean gender pay gaps of at least 25 percent.

SJP, which has assets under management of £95.55 billion (as of 31 December 2018), said the gap was due to more men in senior positions, and more women occupying junior positions, a trend that was echoed by other firms. The figures do not indicate that women are paid less for doing the same jobs—which is illegal in the UK.

At SJP women occupied 73 percent of the positio...