SJP withholds third of dividend as coronavirus crisis hits AUM by 13%

AUM drops by £15bn

Tom Ellis
clock • 3 min read

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

March 2024: Month in review with deputy editor Jenna Brown

March 2024: Month in review with deputy editor Jenna Brown

Take a look at some of the news and feature highlights of the last month

Jenna Brown
clock 28 March 2024 • 5 min read
Wren Sterling adds £265m in client assets in latest deal

Wren Sterling adds £265m in client assets in latest deal

First advisory firm purchase of 2024 for national financial planner

Jenna Brown
clock 28 March 2024 • 1 min read
Consumer Duty Alliance looks to attract advice industry talent

Consumer Duty Alliance looks to attract advice industry talent

New Talent Alliance will be chaired by M&G Wealth Advice MD Tom Hegarty

Isabel Baxter
clock 27 March 2024 • 2 min read