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SJP spends another £20m on platform upgrade

Former SJP chief David Bellamy, who left in January

St James’s Place‘s platform upgrade is likely to cost the wealth management giant in excess of £170m, latest results reveal.

Financial statements for 2017 show that the firm’s new Bluedoor system cost it nearly £22m for the year, up from £17m for 2016, as assets continue to migrate over to the new technology.

While two-thirds of new inflows are currently going on to the platform, by December last year, less than a third of all funds under management were held on the platform.

Existing pension and drawdown plans are yet to migrate, with “final key migrations” being prepared for 2019. Isa and unit trust business moved across in 2015.

SJP has recorded a £171m prepayment to DST Systems, the technology company behind the upgrade.

SJP says the new platform will provide a “more holistic administration service to our clients”.

Other significant outgoings for the manager included a £21m contribution towards the Financial Services Compensation Scheme and a £6.6m spend on its academy programmes.

New chief executive Andrew Croft, who took over from David Bellamy in January, was appointed on a base salary of £520,000, the accounts reveal. Including pension and bonus payments, he took home nearly £1.8m in 2017 for his role as chief financial officer.

Bellamy will retain a £230,000 pay packet a year as he stays on with the firm in an advisory capacity.

Don’t miss your exclusive chance to hear Bellamy speak and take your questions at the Money Marketing Interactive conference on 3 May in London. Book your free place now at http://mmi.moneymarketing.co.uk/london/attending/register-interest-london-2018

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. That word ‘platform’ is being bandied about willy nilly again – SJP have an administration platform (all life companies and wealth managers do) – they do NOT however provide a platform service to customers – they offer life and pension policies and ISAs. These alone are exempt from the platform provider rules on ‘unbundled’ pricing which is why SJP can continue to offer a largely pre RDR ‘bundled’ pricing structure – much to the confusion of the press (amongst others).

  2. Is it still a 6% penalty to get your money from SJP in year 1? Seems a ‘tad expensive’ and not something they asre upfront about. Zero exit fees should be the law.

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