St. James's Place Q1 Gross Inflows Of Funds Up 12% - Quick Facts

St. James's Place plc (STJ.L), a wealth management group, issued an update on new business inflows and funds under management for the first quarter ended March 31, 2020.

For the first quarter, the company reported gross inflows of funds under management of 4.04 billion pounds, up 12 percent from 3.61 billion pounds in the prior-year quarter.

Net inflows of funds under management were 2.37 billion pounds, up 9 percent from 2.18 billion pounds in the prior-year period.

However, Group funds under management declined to 101.67 billion pounds from 103.52 billion pounds a year ago. The company noted that with the escalation of the COVID-19 crisis during March, there was a sharp decline in global markets and this negatively impacted its funds under management.

Looking ahead, Andrew Croft, Chief Executive of St. James's Place, said, "Although gross and net flows in April have been robust, albeit below the same month last year, 2020 is shaping up to be another challenging year. Whilst our business is resilient, we are not immune to how the unprecedented level of uncertainty may impact the operating environment for the business and our clients for the foreseeable future."

Therefore, the company's board has decided to withhold around one-third of the proposed 2019 final dividend or 11.22 pence per share, until such a time as the financial and economic impacts of COVID-19 become clearer.

St. James's Place said it we will pay 20.0 pence per share as a second 2019 interim dividend on 27 May 2020 to those shareholders on the register as at the close of business on 11 May 2020.

In addition, the Board confirmed that it will be making one dividend decision relating to the 2020 financial year in February 2021 at the time of the full-year results.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The US Centers for Disease Control and Prevention or CDC has ended recommendations for social distancing and quarantine with a view to minimize covid-19's impact on persons, communities, and health care systems. The agency also ended recommendation for test-to-stay in schools, CNN noted. Healthcare major Johnson & Johnson, which is in the middle of a talcum powder fiasco, said it is discontinuing talc-based JOHNSON'S Baby Powder globally in 2023. The company plans to transition to an all cornstarch-based baby powder portfolio. According to the company, the commercial decision to use cornstarch in all its baby powder products was made after conducting an assessment of its portfolio Walt Disney's streaming service Disney+ is rolling out its much-anticipated new ad-supported subscription plan for Disney+ in the U.S. as part of its bid to stem the loss and make its streaming business profitable after the services posted a hefty operating loss of more than $1 billion in the third quarter. It is also raising pricing for its bundled subscription plans with Hulu, ESPN+ and live TV.
Follow RTT