Skip to main content
The Markets by Proactive
Go to Proactive UK

Financial Services

St. James's Place sees Q1 funds under management fall, hit by weaker stock markets although net flows increase

In a trading update, the FTSE 100-listed firm said its group funds under management at the end of March were £89.9bn, down from £90.8bn at the end of December

St. James's Place PLC (LON:STJ) saw its total assets fall by 0.9% in the first quarter, hit by weaker stock markets although the wealth manager continued to see net inflows of new client money.

In a trading update, the FTSE 100-listed firm said its group funds under management at the end of March were £89.9bn, down from £90.8bn at the end of December.

READ: St James's Place sees full-year results beat forecasts

During the same period, the FTSE 100 index fell by 8.2%, its worst quarterly performance since the third quarter of 2011.

Despite the weaker market backdrop, however, St James's Place said it had still managed to take in £2.6bn net new client money and had managed to keep hold of most of the client funds it already had, with a 96% retention rate.

The group also said it continued to see strong demand for its face-to-face advice services and reiterated its growth target for the year.

Chief executive Andrew Croft commented: "We continue to see a growing market for trusted face-to-face financial advice and believe St. James's Place remains ideally placed to meet this need."

He added: "This growing market, together with the strong start we have made to 2018, reinforces our confidence in our ability to achieve our stated objective of 15-20 percent growth in gross inflows during 2018 and beyond."