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FTSE 100 up 0.7% and FTSE 250 down 0.5%

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AI tools launch by ​Altruist impacts UK wealth managers

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LSEG climbs after ‌reports Elliott Management has built

stake

Feb 11 (Reuters) - UK midcap stocks fell on Wednesday,

with British wealth managers ⁠slumping as the sector became the

latest casualty of fears of ⁠disruption by artificial

intelligence, while LSEG shares rose following ‌reports activist

investor Elliott ‌has built a stake.

The FTSE 250 index of domestically oriented companies

dipped 0.5% as of 1137 ​GMT, having closed on Tuesday ‌at

its strongest level in four years.

Shares of Aberdeen Group ( SLFPF ), Quilter, IG Group ( IGGRF )

and AJ Bell fell in the range of ​2.4% to 6%,

tracking losses in ​their U.S. ‌peers after wealth management

startup Altruist introduced AI-enabled tax-planning features,

fuelling fears over disruption to incumbents.

FTSE 100-listed St. James's Place tumbled 10.7%.

The ⁠blue-chip FTSE 100, however, rose 0.7%, helped

by miners and bank ⁠stocks.

London Stock Exchange Group ( LDNXF ) rose 2% after media

reports said activist investor Elliott Management has built a

stake and is engaging with the financial data and analytics

group to improve its performance.

In a busy day for ⁠corporate ‌updates, investors were also

looking to U.S. payrolls data later ‌in the day. The report is

expected to show a pickup in ⁠job growth in January.

Preliminary reading of UK's fourth-quarter GDP is due on

Thursday, while December jobs data will be released next week.

The Bank of England said last week that borrowing costs were

likely to fall if an expected drop soon in inflation was

sustained.

Among other movers, London-listed miners Rio Tinto

and Anglo American ​rose 2.5% each, as copper prices

climbed on a weaker dollar.

Barratt Redrow ( BTDPF ) fell 5.5% after the home builder

reported a 13.6% decline in first ​half adjusted pre-tax profit

amid subdued ‌demand in the industry.