UK wealth manager St James's Place to cut costs in stragety revamp
LONDON, July 30 (Reuters) -British wealth manager St James's Place SJP.L said on Tuesday it plans to cut tens of millions of pounds of costs, as it tries to rebuild investor confidence following regulatory scrutiny of its charges.
St James's Place reported net inflows of client cash for the first half of the year of 1.9 billion pounds ($2.4 billion), exceeding a company-compiled average of analyst forecasts but down on the 3.4 billion pounds gained the prior year.
The firm also reported total managed funds of 181.9 billion pounds, slightly below analyst forecasts. The company announced an interim dividend of 6 pence per share and a share buyback of 32.9 million pounds.
($1 = 0.7785 pounds)
Reporting by Iain Withers, editing by Sinead Cruise
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