Wealth supervisor and Monetary Planner St James’s Place may drop out of the FTSE 100 in FTSE Russell’s subsequent quarterly reshuffle.
SJP may very well be demoted to the FTSE 250 on 4 June in line with FTSE Russell’s indicative quarterly assessment modifications revealed earlier this week.
The wealth supervisor’s share value has fallen 26.5% within the yr so far in line with Morningstar.
SJP has had a troublesome begin to 2024.
The corporate additionally warned that its dividends could also be halved to cope with the price of the claims.
The whole dividend for 2023 has already been halved to 23.83p in comparison with the earlier yr.
The agency, one of many greatest wealth advisers within the UK with round 5,000 companions, stated it had seen a string of complaints, many from complaints dealing with firms, that ongoing recommendation which ought to have been given to purchasers had not been supplied to the extent anticipated.
Final yr the agency introduced, in October, that it had concluded a “complete assessment” of its consumer charging mannequin and introduced plans for an easier and extra comparable charging construction.
SJP has been making an attempt to restore and improve its model.
In March the agency entered into its first TV sponsorship deal because it goals to extend its model consciousness.
The wealth supervisor stated its promoting marketing campaign would promote the advantages of taking monetary recommendation.
The price of the sponsorship has not been disclosed.
