St James’s Place has agreed to double its dividend payout to shareholders this year to £280m.
In separate results for the three months to the end of March released this week, SJP Wealth Management Group Plc, the investment holding company for the SJP group, said an interim dividend of 0.25 pence a share, £24m in total, had been paid in the financial year up to March.
However, in an update to the accounts, the firm said it agreed a further dividend of 2.93p a share in April, worth a total of £280m.
This is twice the amount it paid out in its further dividend in 2016, where investors received a 1.47p a share dividend worth £140m.
The results add to those released by SJP Wealth Management Group for the year ended 2016 earlier this week.
No date was listed for the £280m windfall, except that it will be paid to shareholders “after the end of the reporting period”.
The holding company itself generated £3m in turnover for the three months to March. It took on a further £304m in income from other parts of the SJP group, so lists a profit of £304m for the three months, more than twice the £139m it reported for the same three months in 2016.
Earlier in April, SJP said its overall assets under management were nearing £80bn on the back of an increase in pensions business and the acquisition of discretionary fund manager Rowan Dartington.
SJP’s outgoing chief executive David Bellamy said “the scale and quality of [SJP’s] relationship-based and advice-led approach” meant the firm could meet the demand for trusted advice amid macroeconomic uncertainty.
Bellamy announced he was stepping down from the head of the firm in February. He had been an influential voice in the advice market, including holding a spot on the FCA’s practitioner panel to guide the Financial Advice Market Review.