Wealth management group St James’s Place today updated investors on new business inflows and funds under management for the three months ended 31 March 2018.
- gross inflow of funds of £3.91bn (2017: £3.23bn);
- continued strong retention of client funds – 96%;
- net inflow of funds of £2.60bn (2017: £1.99bn);
- group funds under management of £89.91bn (2017: £79.84bn).
Chief Executive Andrew Croft (pictured) said: “After a record year for new business in 2017, we have maintained momentum in the first quarter of 2018. Gross inflows of £3.91 billion in the quarter were 21% higher than the prior year, while net inflows of £2.60 billion were 31% higher, reflecting the continuing excellent retention of existing client investments. Weaker investment markets resulted in funds under management closing at £89.91 billion, marginally lower over the three months but still up strongly over the past year.
“We continue to see a growing market for trusted face-to-face financial advice and believe St. James’s Place remains ideally placed to meet this need. This growing market, together with the strong start we have made to 2018, reinforces our confidence in our ability to achieve our stated objective of 15-20% growth in gross inflows during 2018 and beyond.”