Wealth management giant St James’s Place reports bumper set of results as it adds £2bn of new client money to its books
FTSE 100 listed wealth management firm St James’s Place has added £2billion of client money to its books in just three months.
Total inflows jumped to £3.23billion from £2.45billion in the same quarter last year. The net figure once money going out of the business is factored in was a rise of £1.99billion, up from £1.36billion a year earlier.
With the company retaining 95 per cent of client money, the new inflows brought SJP’s funds under management to a whopping £79.84billion, up from £62.02billion at the same time in 2016.
Net inflows for SJP in the first quarter of 2017 were £1.99bn, up from £1.36bn a year earlier.
Much of that uplift will have come from increases in the value of investments as markets rose however, rather than being new money.
Shares in the company were flat in morning trading at 1114 pence.
Back in February the company said chief executive David Bellamy would be stepping down at the end of 2017 after more than ten years at the helm.
He was unsurprisingly upbeat in commenting on his company’s fortunes this year so far.
Outgoing SJP chief executive David Bellamy.
‘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,’ he said.
‘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.’