St James's Place  

SJP reports 11% rise in Fum to hit £151bn

SJP reports 11% rise in Fum to hit £151bn
Andrew Croft, chief executive officer at St James's Place

St James's Place saw its funds under management hit £151.25bn in the first quarter of this year, up 11.6 per cent when compared to the same period last year.

In a quarterly trading update published this morning (April 28), the wealth manager reported that its Fum was up in the three months to March 31, a rise from £135.46bn in the same period last year.

However, this was slightly lower than £153.99bn reported when the quarter started.

Pensions were the largest contributor to the Fum, closing at £73.75bn at the end of the quarter. 

This was followed by unit trusts, individual savings accounts and discretionary fund management (£42.53bn) and investment (£34.97bn).

Net inflows remained largely in line with last year at £2.91bn, up from £2.90bn.

Gross inflows stood at £4.73bn, a slight fall from £4.79bn in Q1 2021.

Andrew Croft, chief executive officer, said: “I am pleased to report another strong quarter for St. James's Place that maintains the momentum developed during 2021. 

“Whilst the landscape was significantly impacted by the tragic events in Ukraine since February, we continued to see high levels of activity throughout the period as advisers and clients sought ways of mitigating the risks posed to long-term financial planning by higher inflation and macroeconomic and geopolitical uncertainty. This highlights the ongoing resilience of our business model.”

The firm said its gross and net inflows were broadly in line with the first quarter of 2021, which was “an exceptionally strong period” as sentiment improved following the start of the Covid-19 vaccine rollout.

Croft added: “Our results for the first quarter of 2022 are a credit to everyone in the SJP community and in particular to the partnership who provide much needed support for clients seeking to navigate the impact that complexity and uncertainty can have on their long-term financial well-being.

“Our performance so far this year means that we remain comfortable with consensus expectations for new business growth in 2022 and are confident of delivering on the broader ambitions of our 2025 plan."

In the firm’s Q4 2021 results last year, Ian Gascoigne, managing director of the SJP Partnership, has announced his retirement, as the firm experienced a bumper fourth quarter with inflows up 24 per cent.

The group saw net inflows rise 24 per cent, taking its Fum to £154b and gross inflows for the quarter had risen 15 per cent to £4.7bn.

sonia.rach@ft.com 

What do you think about the issues raised by this story? Email us on FTAletters@ft.com to let us know