Funds under management at St James’s Place increased to a “record” level in the third quarter of the year, a trading update for the group has revealed.
The update, which covered the three month period ending September 2024, revealed that the group’s FuM rose to £184.4bn.
This represented an increase both on a quarterly basis, with FuM standing at £181.86bn in Q2 2024, and a yearly basis at £158.57bn in Q3 2023.
SJP chief executive officer, Mark FitzPatrick, attributed this increase to sustained net inflows, and continued positive investment performance on behalf of clients.
The update also showed gross inflows increased by 20 per cent year-on-year, reaching £4.4bn in Q3 2024.
This represented an increase on the £3.68bn recorded in the third quarter of 2023 but was a slight decrease on the £4.56bn recorded in Q2 2024.
FitzPatrick stated: “I am pleased to report a strong quarter for the group, demonstrating the power of our business model and the value inherent in the long and trusted relationships our advisers enjoy with clients.
“We have seen continued momentum in activity with clients engaging with their advisers to ensure they continue to take the right course of action for their finances.”
He also pointed out that year-to-date retention remains strong for the group, standing at 94.6 per cent (annualised), which drove net inflows of £0.89bn for the quarter.
“We continue to make progress on our cost and efficiency programme, our review of historic client servicing records and the implementation of our new simple and comparable charging structure.
Future prospects
Looking to the future, FitzPatrick added: “We are on track to implement the new charging structure by the second half of 2025, including tiering for both ongoing product and initial advice charges.
“Each of these key programmes is progressing in line with our plans and there is no change to our existing financial guidance.”
He also pointed out that, while the macroeconomic environment has improved since the beginning of the year, there continues to be “uncertainty” in the outlook for consumers, savers and investors.
“While speculation around the forthcoming Autumn Budget compounds this, we know that our advisers are providing invaluable advice to our clients, helping them to navigate the uncertainty and safeguard their financial futures,” he explained.
“With increasing client numbers, sustained net inflows and growing funds under management, our business is performing well and we are positioning for further long-term success.”
tom.dunstan@ft.com
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