St. James's Place PLC (LON:STJ) reported a recovery in funds under management during April, with net inflows on a par with where they were a year ago.
Gross inflows were £1.2bn in April, 13% lower than last year, but net inflows of £0.8bn were up 1% year on year.
Net inflows for the first four months of the year were £3.2bn, up from £2.4bn in the three months to March.
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After volatility in financial markets in February and March, assets under management ended April at £108.8bn, benefitting from both positive net inflows and a positive investment return, lifting AUM from £101.7bn at the end of March and £117bn at the end of December.
“Following record first quarter new business, we have naturally seen a reduction in new investments as the COVID-19 crisis developed,” said chief executive Andrew Croft.
He said net inflows were helped by particularly strong retention of client investments during the month.
“We are encouraged by the robust gross and net inflows we have continued to experience during May, though the short to medium-term impact of government measures and economic volatility on our flows remains uncertain.”
Shares in the company were up 6% to 931.8p on Wednesday morning.