Cirencester headquartered wealth management company St. James Place has reported record funds under management of £153.99 billion in the last quarter, up from £129.34 in the same quarter last year.
Net inflows for the quarter were £2.91 billion.
Andrew Croft, Chief Executive, said: “I am pleased to report a very strong final quarter, rounding out a record year of new business for St. James’s Place. We saw a favourable market backdrop continue into the fourth quarter and this, together with the hard work of our advisers, has enabled us to attract £4.69 billion of new client investments. This takes total gross inflows for the year to £18.20 billion, 27% higher than in 2020 and exceeding our previous guidance.
We continued to achieve exceptional retention of client investments, with the 2021 retention rate being the strongest year in our history. This results in net inflows of £11.04 billion for the year, representing 8.5% of opening funds under management and contributing to funds under management closing at a record £153.99 billion, up 19%.
As we look ahead, our performance in 2021, together with the growth in the Partnership and continued long-term demand for face-to-face advice, means we remain confident in achieving our 2025 ambitions.”
The company has also announced the retirement of Ian Gascoigne, Managing Director of the Partnership, in March.
After more than 30 years as an executive of the company and the last 19 years as a Board Director, Ian will remain with the Group on a part time basis in an advisory capacity and will also continue to serve as a Trustee of the St. James’s Place Charitable Foundation.
Following Ian’s retirement, Peter Edwards will continue to be responsible for the UK Partnership and Iain Rayner will remain responsible for key relationships with the Partnership’s largest businesses and the Asian Operations. Both will then report directly to Andrew Croft.
Ian Gascoigne, Managing Director of the Partnership said: “Since joining what was a start-up company in 1991, I am delighted to have played a small part in helping to build St. James’s Place into the established FTSE 100 company it is today. I would like to thank everyone in our community for making my 30 years so enjoyable and rewarding. I am pleased to say the Group is in excellent shape to take advantage of the opportunities ahead and I look forward to continuing the association in an advisory capacity.”