Wealth manager St James’s Place has launched a £92.6m share buy-back scheme after announcing a return to profitability last year.

The company says the scheme, launched yesterday, will help reduce the issued share capital of the company.

Share buy-backs are often used by companies to bolster the firm’s share price.

Despite recent recovery, SJP’s share price has been in the doldrums in recent years.

This morning the company’s ordinary shares were trading at 1061p per share. At the end of 2021 the share price was 1683p.

However, this year so far the share price has showed strong recovery and is up 24% in the year to date after hitting a low of 808p in January.

SJP says the share buy-back will be for a maximum of £92.6m. The share buy-back began yesterday and will end no later than 30 June.

The programme will be carried out through JP Morgan Securities. SJP’s current buy-back authority was granted by shareholders at the company's 2024 Annual General Meeting.

St James’s Place returned to profit last year after introducing a simpler and more comparable charging structure following customer complaints. In a stock market update yesterday, it reported a £535.9m pre-tax profit before tax for the year, up from a loss of £4.5m in 2023 when profits were hit by provisions for potential customer redress.

Last month SJP reported that funds under management soared to a record £190.2bn - up £22bn (2023: £168.2bn).