St. James’s Place plc, the Cirencester headquartered wealth management group, has reported record third quarter flows and funds under management.
Gross inflows in the third quarter were £4.32 billion, up from £3.05 billion in the same quarter last year.
Andrew Croft, Chief Executive, said “I am delighted to report another strong quarter for St. James’s Place. Increased personal savings and improving consumer confidence have provided a favourable market backdrop and this, together with the great work our advisers do in supporting clients with their long-term financial planning, has driven gross inflows of £4.32 billion for the quarter, up strongly against a soft comparator in 2020. Retention has remained robust, underpinning net inflows of £2.59 billion for the period, and contributing to funds under management closing at £148.06 billion, up 14% year to-date.
“There remains uncertainty around the near-term economic and investment market outlook, but our business is in great shape and we now anticipate the rate of gross inflow growth for the second half to be modestly ahead of our previous guidance issued in late July. As a result, we expect growth in gross inflows for the full year to be around 25%. Beyond 2021, it is natural that we will see variations in the pattern of new business growth we achieve over time, but our performance this year gives us every confidence in the 2025 ambitions we set out for St. James’s Place earlier this year.”