SJP shares slide as CEO Bellamy bows out

Shares in St James’s Place (SJP) were down 2.6% at 1060p Tuesday morning, following news that chief executive David Bellamy plans to step down after 26 years at the firm.

SJP shares slide as CEO Bellamy bows out


During his 11 years as chief executive, Bellamy steered the firm through an intense period of growth, eventually culminating in its listing on the FTSE 100 in March 2014.

Client funds more than quadrupled to £75bn under his leadership and the team of advisers grew to more than 3,000.

Chairman Sarah Bates thanked Bellamy for his “outstanding contribution” and for taking the business “from strength to strength”.

Andrew Croft, currently chief financial officer has been named as Bellamy’s successor.

Bates described him as the “ideal” person to lead the business, having “already played a key role in the success of the group”.

Chief risk officer Craig Gentle will step into Croft’s former role.

This changing of the guard coincided with the release of the group’s annual results, which saw SJP record gross inflows of £11.4bn over the period, up 23% on the prior year.

Funds under management also ballooned to £75.3bn, an increase of nearly 30% from the 2015 figure of £58.6bn.

SJP declared a final dividend of 20.76p per share, taking the full year dividend to 33p per share, 18% higher than in 2015.

Despite the “strong growth” achieved in a year of “challenging markets and surprising political events,” the FTSE 100-listed wealth manager’s share price proved more sensitive to Bellamy’s departure than its headline growth.

Bellamy said: “It’s been an incredible journey and I am very proud of what we have achieved together since the group commenced trading in January 1992.

“It’s been a great privilege to have led St James’s Place through a period of great transformation and success over the last 11 years and I would like to thank the executive team and everyone in our community for making these achievements possible.”

SJP has confirmed that Bellamy will stay on in an advisory capacity.



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