Wealth manager St James’s Place reports strong end to 2016, despite political surprises
FTSE 100-listed wealth manager St James’s Place reported a net inflow of funds of £2.1bn in the last quarter, despite challenging market conditions.
The figures
In the three months to 31 December 2016, St James’s Place said its group funds under management total reached £75.3bn, up 28 per cent over the year.
Read more: Wealth manager's share price jumps as it shrugs shoulders at Brexit
The group, which increased its number of qualified advisers by 10 per cent to 3,415, reported net inflow of funds of £2.1bn, up 26 per cent, for the fourth quarter.
Its net inflow for the year, meanwhile, was £6.8bn, up 17 per cent.
Why it’s interesting
Chief executive David Bellamy said that, “despite challenging market conditions and some surprising political events”, 2016 was a record-breaking year for the firm.
This is reflected in the wealth management group’s share price, which is at around an all-time high, up one per cent today to 1,100p.
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After plunging more than 20 per cent in the days after the EU referendum, St James’s Place’s shares have grown strongly and are currently up more than 21 per cent on this time last year.
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What the company said
Chief executive David Bellamy:
These results and the continued resilience of our business reinforce our confidence in our strategy and the outstanding job our advisers do in managing their clients' financial affairs and the benefits of our distinctive investment management approach.