St. James’s Place (SJP) saw net inflows of £890m during Q3 this year, according to its trading statement published today (17 October), remaining steady compared to £910m of net inflows over the same time frame last year.
While this represented a 25.8% fall compared to the previous quarter, when net inflows reached £1.2bn, year-to-date net inflows stood at 2.2% of assets under management, compared to 2.3% last quarter. Compared to the same time period last year, however, year-to-date inflows fell by 170 basis points from 3.9% to 2.2%.
Gross flows for Q3 came in at £4.4bn, compared to £3.7bn during Q3 2023 and £4.6bn during the previous quarter.
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SJP’s retention rate of funds under management, since the start of the year, remained at 94.6%, the same as the previous quarter. This is a small decrease from the 95.3% retention rate seen during the same quarter last year.
Mark FitzPatrick, chief executive officer, of SJP, said he is “pleased to report a strong quarter for the group”, which, he added, demonstrates “the power of our business model and the value inherent in the long and trusted relationships our advisers enjoy with clients”.
“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,” the CEO said. “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.”
FitzPatrick explained that while the macroeconomic environment has improved over the course of the year, the outlook remains uncertain for 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.
“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.”
Commenting on the trading update, Neil Shah, executive director of content and strategy at Edison Group, said: “Despite macroeconomic uncertainties and ongoing speculation around the Autumn Budget, SJP’s strategic focus on cost efficiencies and a new simplified fee structure – set for implementation in 2025 – positions the company well for sustained growth.
“With a diverse investment portfolio and continued positive investment performance, SJP appears poised to navigate economic headwinds while supporting clients in safeguarding their financial futures.”
