Flows into St James’s Place surged in the first three months of the year, with the bulk of the money piling into the group’s pension range.
The FTSE 100 wealth manager saw net inflows hit almost £2bn for the three months ending 31 March, up by 46 per cent from the £1.4bn posted during the same period last year.
Gross inflows across its entire fund range jumped by a third over the period, bolstered by pension funds which increased by a quarter to hit £1.5bn from the £1.2bn posted back in 2016.
Funds under management for the group reached £80bn during the quarter, up from 2016’s figure of £62bn.
Back in February, the group’s chief executive David Bellamy announced his plan to step down at the end of this year.
Mr Bellamy said: “At the beginning of the year I said we were better placed for the opportunities that lie ahead than ever before and these gross and net inflow figures reinforce that confidence.”
This comes as SJP revealed a slight drop in profits before tax last year.
The group client retention rate stood at 95 per cent, according to a trading update, published today (25 April).
Despite political uncertainty, the SJP boss said the more immediate concern for many clients relates to personal financial matters, particularly long-term savings and protection.
He said the “scale and quality” of the firm’s advice-led approach means it is increasingly well placed to meet this growing need for financial advice.
katherine.denham@ft.com
