St James’s Place today (30 May) marked its first year in the Middle East as the UK-quoted wealth manager is expected to drop out of the FTSE 100 next week after its shares plummeted by 57% over the past year.
In its indicative quarterly review published on Tuesday (May 28), the London Stock Exchange said SJP could be demoted to the FTSE 250 on 4 June.
Ocado Group’s (OCDO) time in the FTSE 100 is also set to finish, its shares having fallen 46% in the year to date, with technology firm Darktrace’s shares by 60% this year to give it a likely placing instead, according to indicative index changes by FTSE Russell released on 29 May. Housebuilder Vistry is also expected to go up, with its stock rising 37% so far this year.
Final index review findings are released on 5 June, using data from a day earlier.
Meanwhile, St James’ Place posted on LinkedIn that “Today marks a special milestone as we celebrate our first year in the Middle East!”
The wealth manager, which has footprint in Asia and the Middle East, said: “As we continue to grow in the region, the strength of our business provides a stable platform for our advisers to offer invaluable, face-to-face, and regulated advice to our clients in the DIFC. With nearly one million clients worldwide trusting us with funds over £179 billion, our focus on creating great client outcomes remains at the heart of everything we do.
It further highlighted how over this past year, the Middle East operation had “grown our talented pool of Partners and employees”, “collaborated with business partners in the region, prominent industry experts and fund managers globally”, “delivered our first flagship investment conference for our clients” and “worked with our network of specialists to offer tailored solutions for our clients’ unique needs”.
“This success wouldn’t have been possible without the dedication and continued support of our fantastic team, clients, and community. Thank you so much. It has been a pleasurable journey so far, and we look forward to many more years of serving our clients and making an impact in the Middle East!”, its statement concluded.
