St. James’s Place plc, the wealth management group which has its headquarters in Cirencester, has issued an update on new business inflows and funds under management for the three months ended 31 March 2019.
Gross inflows of funds reached £3.61 billion. The company continues its strong retention of client funds, at 95.9 per cent. The net inflow of funds was £2.18 billion and Group funds under management were a record £103.5 billion.
Andrew Croft, Chief Executive, said: “We have experienced a good start to the year, attracting £3.61 billion of gross inflows which, together with continued strong retention, has resulted in net inflows for the quarter of £2.18 billion – equating to 2.3% of opening funds under management (9.1% on an annualised basis). This performance demonstrates the resilience of our business through the current political and macro-economic uncertainty.
These net inflows, coupled with positive investment returns, have resulted in an 8.3% increase in Funds under Management to a record £103.5 billion at the end of March.
Whilst uncertainty will inevitably impact investor sentiment from time to time, it does not change the long-term needs of individuals. There remains both a growing market for trusted face-to-face advice in the UK and an advice gap that represents a major opportunity for us. Given the scale and quality of the St. James’s Place Partnership we are confident of both the resilience of the business in more difficult times and our ability to continue to grow the business over the medium to long term.”