Listen to this article
St James’s Place, the FTSE 100-listed wealth manager, reported net inflows of funds under management of just under £2bn over the first quarter of 2017, almost 50 per cent higher than over the same period last year.
Group assets under management reached £79.84bn – up almost 30 per cent compared to figures posted at March 31 2016.
The overall figures were boosted by strong inflows into the group’s pensions range, which reported an additional net £1.02bn over the three-month period. The unit trust/Isa and discretionary fund management business attracted a further £800m of net assets over the first quarter.
Retention of client funds stood at 95 per cent over the period, as the company shrugged off a wave of recent negative press over fee levels across the industry.
David Bellamy, who will step down at the end of the year as chief executive of St James’s Place, said:
At the beginning of the year I said we were better placed for the opportunities that lie ahead than ever before and these gross and net inflow figures reinforce that confidence.
Looking ahead, whilst political and macro uncertainties persist, the more immediate concern for many people relates to personal financial matters, particularly in relation to long-term savings, protecting and preserving wealth, tax and intergenerational planning. In this regard, the scale and quality of our relationship-based and advice-led approach to the management of our clients’ financial affairs, together with our investment management proposition, means we are increasingly well placed to meet this growing need for trusted advice.
Get alerts on St James's Place Capital PLC when a new story is published