AI Fears Drive Sell-Off: St James’s Place, AJ Bell, Quilter Drop as AI Disruption Concerns Spread

AI-driven disruption fears sent equities in the UK and US lower as investors reacted to the launch of Hazel, an AI tax-planning tool by Altruist that can analyze documents to create personalized tax strategies. FTSE 100-listed St James’s Place plunged as much as 13.3% on February 11, 2026, wiping over £1 billion in market value. AJ Bell fell 7.1% on the FTSE 250, and Quilter dropped 6.1%. Similar declines followed on Wall Street, with Charles Schwab, Raymond James, and Morgan Stanley also posting declines on the same day. Analysts note the reaction is more narrative-driven than indicating fundamental change. Ben Bathurst of RBC Capital Markets said the sell-off reflects short-term positioning and not an AI breakthrough. Software and data companies were among the broader worst performers as AI disruption concerns spread, with Relx down 4% and Sage off 2.5% on Wednesday, February 11, 2026. Steve Hare of Sage emphasized the need for precision in accounting, payroll, tax, and compliance, and that over time the market will differentiate winners and losers.