The investment manager saw FUM drop to £148.37bn in 2022, according to a results announcement to the stock exchange today (January 26).
Net inflows for the period were £9.78bn, compared with £11bn a year before, marking the second-best year for new business flows, according to SJP chief executive Andrew Croft.
The company posted a £15.4bn loss in investment performance across its investments, pensions and DFM sectors, mirroring other asset managers whose returns suffered amid volatile markets in 2022.
Yesterday, GAM Holdings delayed its results announcement after posting a large post-tax loss in 2022, part of which it blamed on difficult market conditions.
It is encouraging to see more recent positive indicators that UK inflation may have peakedAndrew Croft, SJP
The number of qualified advisers working for SJP rose by 137 to 4,693
Croft said the year was a “successful” one, and spoke about the coming year with optimism.
“2023 has started in much the same way that 2022 ended but it is encouraging to see more recent positive indicators that UK inflation may have peaked, together with some evidence that currency and investment markets are more stable,” he said.
“A sustained recovery in macroeconomic indicators would naturally be conducive towards improving consumer sentiment, activity levels and of course funds under management, as 2023 unfolds.”
Croft said in the longer term, the demand for “trusted” advice is getting stronger.
In its value assessment of its funds last year, SJP placed three on a watchlist, saying it wasn’t satisfied with the value for money being delivered.
Overall 41 out of 47 of the company's funds are providing good value, or "broadly delivering value" for clients, representing 79 per cent of AUM, SJP said.
The three underperforming funds are the St James's Place Gilts, Global Emerging Markets and Japan funds.
All three funds underperformed their benchmark and peer groups, nor did they achieve their growth objectives, and two have had management changes in the past few years.
SJP said the funds represent 0.86 per cent of assets under management.