St. James's Place (LON:SJP) has clawed back part of its latest dividend payment after it saw a sharp slowdown in inflows in April.
The wealth manager said it will withhold a third of last year’s final dividend of 31.2p until the impact of the coronavirus pandemic and lockdowns become clearer.
In February, St James announced it was raising its final dividend by 5%.
Andrew Croft, chief executive, 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.”
In the three months to March, St James recorded net inflows of £2.37bn, though the volatility in financial markets meant assets under management falling to £101.7bn from 117bn at the end of December.