SJP assets break £100bn despite lower net flows

Net inflows of £2.2bn and positive investment returns buoy FTSE 100 adviser


St James’s Place’s (SJP) assets under management exceeded £100bn in Q1 despite net inflows dropping slightly compared with the previous year.

It saw net inflows of £2.2bn over the quarter, slightly down on the £2.6bn it garnered in the same quarter in 2018.

This, along with positive investment returns, took its overall funds under management to £103.5bn. It first reported in its full year results in January that assets had broken the £100bn mark before challenging markets in the fourth quarter dragged assets back below the milestone.

The group’s pensions business saw the bulk of gross inflows over the quarter, at £2.2bn (net £1.49bn), while its investment business gained £500m (net £90m).

Its unit trust, Isa and discretionary wealth management arm added gross flows of £1.1bn (net £600m), including £150m gross inflows and outflows of £40m in relation to the Rowan Dartington Group funds under management.

SJP acquired Rowan Dartington in a deal that completed in March 2016.

North American Equities make up the lion’s share of SJP’s assets at £21.6bn (21% of total), up from £19.1bn in Q1 2018. Its UK equities under management stand at £18.7bn, or 18% of the total. Alternative assets increased from £2.7bn in Q1 2018 (3% of total) to £8.1bn (8% of total) in Q1 2019.

SJP chief executive Andrew Croft (pictured) said: “While uncertainty will inevitably impact investor sentiment from time to time, it does not change the long-term needs of individuals. There remains both a growing market for trusted face-to-face advice in the UK and an advice gap that represents a major opportunity for us.”


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