St James's Place has announced that it has cut its dividend by around a third, withholding 11.22p per share due to "heightened regulatory sensitivity" and the coronavirus crisis presenting an "unprecedented level of uncertainty".
The advice giant's board also announced it will be making a single dividend decision for the 2020 financial year, which will be taken as part of the full year results in February 2021. This year's AGM will be held as a closed meeting on 7 May, although shareholders will be able to vote by proxy. SJP's share price dropped by more than 4.5% by 8.30am on Thursday morning on the news of the dividend cut. Strong net inflows helped temper the negative performance, growing 9% for the quarter to £2.4bn, but it was not enough to make a dent in the £17.7bn performance losses across the business...
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