Funds under management hit fresh high at St James's Place

17th Oct 2024 07:29

(Sharecast News) - St James's Place reported a jump in funds under management on Thursday, boosted by an improving macroeconomic environment.

The London-listed wealth manager said FUM reached a record £184.4bn in the three quarters to September end, up from £158.6bn a year previously.

It was also an improvement on the second quarter, when FUM reached £181.9bn.

Gross inflows were £4.4bn, up 20% on the same period a year earlier, although they were down slightly on the previous quarter. Net inflows eased to £890m from £910m year-on-year.

The year-to-date annualised retention rate was 94.6%, below last year's 95.3%.

Mark FitzPatrick, chief executive, called it a "strong" quarter.

Looking forward, he acknowledged that while the macroeconomic environment had improved since the start of the year, "there continues to be uncertainty in the outlook for consumers, savers and investors.

"While speculation around the forthcoming Budget compounds this, we know that our advisors are providing invaluable advice to our clients.

"Our business is performing well and we are positioning for further long-term success."

FitzPatrick added that SJP was continuing to make progress on a cost and efficiency programme, including reviewing historic client servicing records and introducing a new charging structure from the second half of 2025.