St. James’s Place plc (LON:STJ), the wealth management group, has issued an update on new business inflows and funds under management for the month to 31 May 2020.
| 2020 | 2019 | |
| £’Billion | £’Billion | |
| Gross inflows for May | 0.98 | 1.24 |
| Net inflows for May | 0.67 | 0.73 |
| Gross inflows for the five months to 31 May | 6.19 | 6.2 |
| Net inflows for the five months to 31 May | 3.85 | 3.71 |
| Closing funds under management | 112.58 | 105.83 |
| Year-to-date funds under management retention rate (annualised) | 96.40% | 95.90% |
| Year-to-date net inflows/opening funds under management (annualised) | 7.90% | 9.30% |
Andrew Croft, St James’s Place Chief Executive, commented:
“Despite the continuing challenges presented by COVID-19, gross flows in May were robust. Retention of existing client investments remains particularly strong, providing for a net inflow for the month of £0.67 billion. Funds under management benefitted from both these positive net inflows and the continuing recovery of world stock markets, to end the month at £112.6 billion.
We remain encouraged by the inflows we are continuing to experience and expect June gross inflows to be similar to May, though the short to medium-term impact of COVID-19 and economic volatility on our flows remains uncertain.”
