St. James's Place PLC (LON:STJ) reported further net inflows during the month of May and said it expected June to be similar.
Funds under management (FUM) finished last month at £112.6bn, up from £108.8bn at the end of April and higher than the £106bn seen a year ago.
This was boosted by the wider stock market recovery and gross inflows of £0.98bn, of which net inflows were £0.67bn.
Year-on-year declines in gross and net flow rates both deteriorated compared to the April update, down 21% and 8% in May 2010 versus May 2019, versus a 13% decline and 1% growth in April.
For the first five months of 2020, net inflows have reached £3.85bn, more than the £3.71bn seen this time last year.
“Retention of existing client investments remains particularly strong,” said chief executive Andrew Croft, with a FUM retention rate of 96.4% for the year to date that is higher than seen last year.
He added: “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.”
Analysts at UBS said the worse growth rates in flows was "a slight negative" and with June gross inflows to be similar to May this implyies gross inflows are tracking below analysts second-quarter estimate, though net inflows are on track due to continued strong asset retention.
Shares in the company were up almost 2% to 955.4p on Tuesday morning.
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