St. James’s Place plc (LON:STJ), the wealth management group, today issued its update on new business inflows and funds under management for the nine months ended 30 September 2018.
New Investment and Funds under Management
· Gross inflow of funds of £11.75 billion (2017: £10.46 billion), up 12%.
· Continued strong retention of client funds – 96%.
· Net inflow of funds of £7.68 billion (2017: £6.66 billion), up 15%.
· Group funds under management – £100.6 billion (2017: £85.7 billion), up 11% since the beginning of the year and 17% over the twelve months.
Andrew Croft, Chief Executive of St James place, commented:
“Building on the exceptional growth we achieved over the last two years, I am pleased to report continued growth in the third quarter. Gross flows, at £3.83 billion, were 7% higher than the prior year comparator, which itself was up 28%. This takes the year to date gross flows to £11.75 billion, growth of 12%. With continued strong retention, net flows for the nine months were up 15% to £7.68 billion, taking funds under management to a record £100.6 billion, up 11% since the start of the year and 17% over the twelve months.
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.”
