St. James’s Place plc (LON:STJ) has issued an update on new business inflows and funds under management for the year ended 31 December 2025.
| 2025 | 2024 | ||
| £’Billion | £’Billion | ||
| Gross inflows | 21.88 | 18.41 | |
| Net inflows | 6.16 | 4.33 | |
| Net investment return | 23.64 | 17.68 | |
| Closing funds under management | 220.01 | 190.21 | |
| Funds under management retention rate1 | 94.9% | 94.5% | |
| Net inflows/opening funds under management | 3.2% | 2.6% | |
| Net investment return/opening funds under management | 12.4% | 10.5% | |
1 Our retention rate is calculated allowing for surrenders and part-surrenders. It excludes regular income withdrawals and maturities.
Mark FitzPatrick, St. James’s Place Chief Executive Officer, commented:
“I am pleased to report a strong year for SJP. Our advisers attracted £21.9 billion of new business, up 19% year-on-year. Combined with high retention of 94.9%, we achieved net inflows of £6.2 billion, up 42% year-on-year. We also delivered strong investment performance for the benefit of our clients, with returns representing 12% of opening funds under management. Together with net inflows, this meant our FUM closed the year at £220.0 billion, a record high and up 16% during the year.
The final quarter was marked by protracted speculation in the lead up to the Autumn Budget at the end of November, and our new business performance reflected clients’ desire for trusted advice amid this period of heightened uncertainty. Client-adviser engagement was unseasonally high in the third quarter, linked to the successful implementation of our new charging structure in late summer, resulting in lower levels of activity early in the final quarter, as expected.
The final quarter also saw elevated short-term outflows, as many clients accelerated tax-free cash (TFC) withdrawals from their pensions in anticipation of reduced TFC allowances. As we exited the quarter, we were pleased to see both outflow rates and client engagement normalise, and this has continued into the early part of 2026.
2025 was a year of progress for SJP, where we strengthened our business for the future whilst growing our client numbers, increasing our inflows, delivering good investment returns and achieving record FUM. As anticipated, clients and advisers successfully adapted to the implementation of our simple, comparable charging structure. We also made good progress with our review of historic ongoing service evidence and our cost and efficiency programme. We enter 2026 with confidence and the changes we have made, combined with our broader strategy to strengthen and grow SJP, leave us well placed to extend our long-term leadership in a highly attractive marketplace.”
Contents
1. Funds under management
2. Analysis of funds under management
1. Funds under management
| Three months ended 31 December 2025 | Investment bond | Pension | UT/ISA and DFM | Total |
| £’Billion | £’Billion | £’Billion | £’Billion | |
| Opening FUM | 42.74 | 115.53 | 54.09 | 212.36 |
| Gross inflows | 0.67 | 3.62 | 1.40 | 5.69 |
| Net investment return | 1.36 | 4.19 | 1.53 | 7.08 |
| Regular income withdrawals and maturities | (0.09) | (1.75) | – | (1.84) |
| Surrenders and part-surrenders | (0.56) | (1.65) | (1.07) | (3.28) |
| Closing FUM | 44.12 | 119.94 | 55.95 | 220.01 |
| Net inflows/(outflows) | 0.02 | 0.22 | 0.33 | 0.57 |
| Implied surrender rate as a percentage of average FUM | 5.2% | 5.6% | 7.8% | 6.1% |
| Three months ended 31 December 2024 | Investment bond | Pension | UT/ISA and DFM | Total |
| £’Billion | £’Billion | £’Billion | £’Billion | |
| Opening FUM | 38.05 | 98.26 | 48.09 | 184.40 |
| Gross inflows | 0.86 | 3.54 | 1.08 | 5.48 |
| Net investment return | 0.90 | 2.56 | 0.82 | 4.28 |
| Regular income withdrawals and maturities | (0.08) | (1.24) | – | (1.32) |
| Surrenders and part-surrenders | (0.55) | (1.14) | (0.94) | (2.63) |
| Closing FUM | 39.18 | 101.98 | 49.05 | 190.21 |
| Net inflows/(outflows) | 0.23 | 1.16 | 0.14 | 1.53 |
| Implied surrender rate as a percentage of average FUM | 5.7% | 4.6% | 7.7% | 5.6% |
-3-
| Twelve months ended 31 December 2025 | Investment bond | Pension | UT/ISA and DFM | Total |
| £’Billion | £’Billion | £’Billion | £’Billion | |
| Opening FUM | 39.18 | 101.98 | 49.05 | 190.21 |
| Gross inflows | 3.02 | 13.86 | 5.00 | 21.88 |
| Net investment return | 4.38 | 13.47 | 5.79 | 23.64 |
| Regular income withdrawals and maturities | (0.33) | (4.88) | – | (5.21) |
| Surrenders and part-surrenders | (2.13) | (4.49) | (3.89) | (10.51) |
| Closing FUM | 44.12 | 119.94 | 55.95 | 220.01 |
| Net inflows/(outflows) | 0.56 | 4.49 | 1.11 | 6.16 |
| Implied surrender rate as a percentage of average FUM | 5.1% | 4.0% | 7.4% | 5.1% |
| Twelve months ended 31 December 2024 | Investment bond | Pension | UT/ISA and DFM | Total |
| £’Billion | £’Billion | £’Billion | £’Billion | |
| Opening FUM | 35.99 | 87.32 | 44.89 | 168.20 |
| Gross inflows | 2.42 | 12.06 | 3.93 | 18.41 |
| Net investment return | 3.37 | 10.03 | 4.28 | 17.68 |
| Regular income withdrawals and maturities | (0.36) | (3.92) | – | (4.28) |
| Surrenders and part-surrenders | (2.24) | (3.51) | (4.05) | (9.80) |
| Closing FUM | 39.18 | 101.98 | 49.05 | 190.21 |
| Net inflows/(outflows) | (0.18) | 4.63 | (0.12) | 4.33 |
| Implied surrender rate as a percentage of average FUM | 6.0% | 3.7% | 8.6% | 5.5% |
2. Analysis of funds under management
The table below provides a geographical and investment-type analysis of FUM at 31 December.
| 31 December 2025 | 31 December 2024 | |||
| £’Billion | Percentageof total | £’Billion | Percentageof total | |
| North American equities | 83.6 | 38% | 74.9 | 39% |
| Fixed income securities | 36.8 | 17% | 31.6 | 17% |
| European equities | 31.0 | 14% | 24.3 | 13% |
| Asia and Pacific equities | 30.1 | 14% | 24.0 | 13% |
| UK equities | 19.6 | 9% | 16.0 | 8% |
| Cash | 9.7 | 4% | 6.9 | 4% |
| Other | 4.5 | 2% | 5.0 | 2% |
| Alternative investments | 4.2 | 2% | 6.2 | 3% |
| Property | 0.5 | 0% | 1.3 | 1% |
| Total | 220.0 | 100% | 190.2 | 100% |
