St James’s Place (SJP) has reported a 20 per cent increase in gross fund inflows at £2.52bn in the fourth quarter of 2015, compared to £2.10bn registered in the same period in 2014.
Net inflow of funds of £1.63bn was also up 17 per cent in Q4 on £1.39bn in 2014, and 14 per cent for the year at £5.78bn, from £5.09bn in 2014.
Funds under management of £58.6bn were up 13 per cent from £52bn for the year, despite continued volatility across global markets.
Including the recently acquired Rowan Dartington, group funds under management would total £59.8bn, according to the latest trading statement for SJP, which came top in Financial Adviser’s Top 100 ranking of financial advisers.
The firm’s half-year statement revealed reduced profits of £67m as it bought into discretionary fund manager Rowan Dartington for £34m, although this was mainly due to a trebling in its FSCS levy from £6.9m to £20m.
SJP’s total adviser numbers were up 9.8 per cent over the year to 3,113, with about 95 per cent retention of client funds during the year.
Chief executive David Bellamy said he was particularly pleased with the “very strong” gross and net inflows in the final quarter, maintaining momentum seen in each quarter of the year.
He said: “Alongside these strong fund inflows and supported by the success of our academy and expansion in Asia, we’ve increased the size of our partner and adviser teams by 6.2 and 9.8 per cent respectively.
“This increase in our capacity to attract new clients and to build upon existing relationships bodes well for our future growth.”
In December, St James’s Place became the first company to publicly quit the Investment Association as part of a policy which will see it resign all its trade body memberships.