St James’s Place saw funds under management grow to £168.2bn in 2023, despite lower inflows due to dented investor confidence.
According to a trading update published this morning (January 25), this compared to the £148.37bn of assets under management seen at the end of 2022.
The wealth manager also saw £5.1bn of inflows in 2023, a drop from almost £9.8bn of inflows seen the previous year.
Last year, adviser numbers at SJP grew by around 140, closing the year with 4,834 advisers.
Bak in October last year, SJP announced it would scrap its widely talked about exit fees as part of an overhaul of its charging structure.
The changes are due to come into effect during the second half of 2025, and seemed to be spurred by the FCA's consumer duty.
Mark FitzPatrick, CEO, said: "While the need for trusted face-to-face financial advice remains as strong as ever, client capacity and confidence to commit to long-term investment have been impacted by the economic environment and short-term alternatives in the form of cash deposit and savings rates.
“As we build on the strong foundations we have established over three decades, we continue to see a huge opportunity to support more clients who need help and advice.
“I want SJP to capture this long-term opportunity, so as we start planning our vision for 2030 I am reviewing all elements of our business to ensure we are fully fit for the future and best placed to keep delivering for all our stakeholders."
In the final quarter of 2023, SJP advisers attracted £3.7bn of new client investment and retention rates stood at 95 per cent, a 1 per cent drop from the previous year.
In December, SJP pulled its assets from Somerset Capital, which is now being wound down, to focus on “lower cost strategies”.
And in October it suspended dealing in its £924mn property unit trust, blaming a fall in demand.
At the time, director of investments Tom Beale, said the decision was made to protect investors from potential financial losses.
tara.o'connor@ft.com
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