St. James’s Place reports record funds under management

St James Place designed by Scott Brownrigg, Cirencester, Gloucester, UK.

St. James’s Place plc,  the seemingly unstoppable Cirencester-based wealth management group, has issued an update on new business inflows and funds under management for the three months ended 31 December 2019.

Inflows for the fourth quarter rose one per cent, gross inflows for the year were four per cent lower than in 2018 but funds under management were a record £117 billion, up 22 per cent since the beginning of the year.

Andrew Croft, Chief Executive, said: “Against a backdrop of continued macro-economic and political uncertainty for much of the final quarter, I am pleased to report a robust set of new business results. Gross inflows for the fourth quarter totalled £3.98 billion, representing growth of one per cent against the same period in 2018. This took gross inflows for the year as a whole to £15.10 billion, four per cent lower than 2018.

“Our advisers continued to work hard in supporting clients through a difficult environment, resulting in strong retention of client investments throughout the year and again demonstrating the resilience of our business. This contributed to net inflows of £2.44 billion in the final quarter and £8.99 billion for the twelve months, equivalent to some nine per cent of opening funds under management. When combined with the impact of positive investment returns, this resulted in closing funds under management of a record £117.0 billion, up 22 per cent since the beginning of the year.”

The company has grown the number of its advisers eight per cent to a total of 4,271.

Andrew added: “Although uncertainties remain for the UK, the Parliamentary majority following the General Election in December provides for longer-term political stability. Following this outcome, we are encouraged to have seen improved investor sentiment and activity which, together with the strength and scale of our business today, gives us confidence that we are well placed to continue to grow.”