St James’s Place saw £4.3bn of net inflows over the course of 2024, according to an update published on the London Stock Exchange (LSE) today (30 January), compared with £5.1bn of net inflows during the previous year.
Gross inflows stood at £18.4bn, compared with £15.4bn in 2023, while its retention rate for funds under management stood at 94.5%. This is a slight decrease compared with last year’s 95.3%.
By the end of last year, funds under management (FUM) totalled £190.2bn, a 13.1% increase in FUM compared with 2023’s closing amount of £168.2bn.
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On a quarterly basis, total funds under management across the investment, pension and DFM arms of the business increased by 3.2% from £184.4bn, while net investment returns stood at £4.3bn.
Net inflows came in at £1.5bn for the quarter, with positive flows from all three arms of the business in aggregate.
Mark FitzPatrick, chief executive officer at SJP, said he is “pleased to report a strong final quarter for SJP”.
“Our investment management approach has continued to work well for our clients, with our portfolios delivering strong returns that compare favourably against peer groups. This, together with another year of net inflows, drove our FUM to £190.2bn at 31 December 2024; a record for FUM.”
The CEO explained that, while the run-up to the Autumn Budget created uncertainty and led to an increase in both net and gross outflows during October, “client engagement levels were high throughout the quarter”.
“We continue to focus on our three key programmes of work and as we approach the final stages of implementing our simple and comparable charging structure, we remain on track for delivery by the second half of 2025 and in line with our financial guidance,” FitzPatrick continued. “The work to review historic client servicing records and implement our cost and efficiency programme continues to progress as planned.”
He added: “We have increased our client and adviser numbers, sustained net inflows and achieved record FUM. Looking forward, we see a growing need for trusted financial advice, and I am confident in our ability to capture this and deliver great outcomes for clients and all our stakeholders.”
This story was written by our sister title, Portfolio Adviser
