St James’s Place has broken through the £150bn barrier after attracting a record level of new client business.
The UK’s largest wealth manager closed out 2021 with £154bn in funds under management, up 19% from £129.3bn the previous year.
Writing in a trading update, chief executive Andrew Croft (pictured) said SJP’s momentum carried into the fourth quarter, rounding out a “record year of new business”.
Around £4.7bn of new client assets were added in the three months to 31 December 2021 alone, taking gross inflows for the year to a whopping £18.2bn. This overshot SJP’s own forecasts and was 27% higher than in 2020.
On a net basis, inflows for the year were £11bn, representing 8.5% of opening FUM, which Croft said represented the strongest retention rate in the company’s history. In 2020, net inflows were £8.3bn after factoring in income withdrawals and surrenders.
SJP’s discretionary fund arm Rowan Dartington saw net inflows of £410m over the year, taking assets to £3.5bn.
Its Asian business reported £100m of redemptions, but inflows of £360m saw it end the year with £1.6bn in FUM.
Croft said: “As we look ahead, our performance in 2021, together with the growth in the partnership and continued long-term demand for face-to-face advice, means we remain confident in achieving our 2025 ambitions.”
