St James’s Place reports £2.3bn in inflows after ‘extraordinary’ year
Wealth manager St James’s Place reported £2.3bn of net inflows after an “extraordinary” year which saw its funds under management soar.
As of 31 December the firm’s funds under management stood at a record £129.3bn, an 11 per cent increase on the previous year.
Despite the pandemic gross inflows of £14.33bn fell just five per cent on the previous year.
“In the final quarter of what can only be described as an extraordinary year for individuals, families, business and broader societies across the world I am pleased to report that St. James’s Place delivered another robust set of new business results,” chief executive Andrew Croft said.
Despite the strong set of results, shares in St James’s Place fell 0.7 per cent.
“For the year, gross inflows of £14.33 billion are just 5% lower than 2019, which given the operating environment since March, bears testament to the resilience of our business and the determination of our entire community to support clients and each other through the global pandemic.”
“Whilst the current lockdown restrictions remain in place, the operating environment will continue to be challenging. However, the quality of the Partnership and the strength of our client proposition, together with the resilience of the St. James’s Place community, underpins our confidence in the medium to long-term growth prospects of our business,” Croft added.
Earlier this month the wealth management group announced 200 job cuts following a review at the beginning of last year.
“Over the coming months, we’ll be simplifying where we can, removing duplication of work, and stopping those tasks we no longer require,” Croft said at the time.