FTSE 100 advice firm St James's Place has added 317 financial advisers in the twelve months to the end of December 2019, as its recruitment efforts paid off.
A trading update from the firm, published on the London Stock Exchange this morning (30 January), showed it had 4,271 advisers at the end of December 2019, compared with 3,954 at the end of December 2018.
The company’s chief executive Andrew Croft, said the recruitment and academy programmes it runs were behind the increase.
The company had net inflows in the final three months of the year of £2.44bn, which was lower than the £2.6bn of net inflows in the same period in 2018.
The company had a 96 per cent retention rate for existing funds under management during the year.
This comes despite a wave of negative media coverage of the company’s remuneration structure during the year.
The company had assets under management of £117bn at the end of December 2019, compared with £95.55bn at the end of 2018, with positive market movements also contributing to the growth.
Mr Croft said: “Our advisers continued to work hard in supporting clients through a difficult environment, resulting in strong retention of client investments throughout the year and again demonstrating the resilience of our business.
"We are also pleased that by continuing to invest in our recruitment and academy programmes, we have been able to grow the partnership during the year by 8 per cent to 4,271 advisers, strengthening our ability to serve and advise clients well.
"Although uncertainties remain for the UK, the parliamentary majority following the general election in December provides for longer-term political stability.
"Following this outcome, we are encouraged to have seen improved investor sentiment and activity which, together with the strength and scale of our business today, gives us confidence that we are well placed to continue to grow."
david.thorpe@ft.com
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