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SJP assets surpass £100bn despite market volatility

SJP assets surpass £100bn despite market volatility

St James's Place has seen its assets under management pass £100bn for the first time as net inflows increased.

The FTSE 100 wealth manager saw net inflows increase by 15 per cent to £7.68bn during the nine months to the end of September.

This took the company's total assets to £100.6bn, up 11 per cent since the beginning of the year and 17 per cent over the past 12 months.

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Gross inflows were £11.75bn, up 12 per cent from the previous year and driven largely by an increase in flows into pensions, which saw £6.6bn in new money as SJP continued to benefit from the 2015 pension freedom reforms.

SJP's growth came despite a period of market volatility which saw its net return from investments fall to £2.1bn in the first nine months of 2018, down from £3.9bn last year.

Andrew Croft, SJP's chief executive, said: "We have delivered this continued growth despite both tough comparatives and a more challenging environment for the industry, once again demonstrating our resilience in these market conditions.

"There remains growing demand for high-quality financial advice, notwithstanding the current macro and geo-political uncertainty.

"With the strength and professionalism of the partnership, together with the breadth of our client proposition, we have a major and sustainable competitive advantage. Consequently, we remain confident in our ability to grow our business in line with our stated objectives over the medium-term."

Data by analysis firm Plimsol showed SJP accounted for 12 per cent of UK adviser sales, giving it the largest marketshare by a margin of 6 percentage points.