Wealth manager St James’s Place’s (SJP) post-tax profits suffered in the first half of 2023 despite attracting sizeable net inflows.
In the firm’s H1 results, profit after tax fell to £161.7m in the six months to the end of June, down from £208.2m in the same period last year.
SJP attracted £3.4bn in net inflows over the period, though this was down from £5.5bn from H1 2022.
The group’s funds under management (FUM) grew 6% to reach a record £157.5bn, up £9.1bn over the six months.
The firm’s funds business FUM grew £1bn to £34.3bn despite net outflows of £10m.
SJP recently announced changes to the manager line up on two of its funds, as part of a set of changes it says signals a more global, multi-manager approach.
From 31 July, the Global Absolute Return Fund will have Fulcrum Asset Management in the manager line up alongside existing managers Amundi, BlackRock, Payden & Rygel, Wellington and State Street Global Advisors.
Dalton Investments has been appointed to manage the Japan Fund alongside existing manager Comgest.
SJP chief executive Andrew Croft (pictured) said: “This has been a challenging period for many UK savers and investors who have had to contend with high and persistent inflation, rising borrowing costs, a mini banking crisis in the US and attendant stock market volatility, and continued macro-economic and geo-political uncertainty. Despite this, we attracted £8.bn of new client investments during the first half of 2023.
He added: “Beyond our operating and financial performance, it has been a period of intense activity regarding progress against our six business priorities, as well as in our preparation for the FCA’s new Consumer Duty regime. As a business focused on driving good client outcomes, we have welcomed the opportunity to further strengthen our commitment to clients and enhance the value we deliver to them.
“As we look ahead, there continue to be challenges for UK consumers, but as a long-term business our focus remains on ensuring we are well positioned to support our advisers build great relationships and deliver trusted and valued face-to-face advice over time. This commitment underpins our 2025 plan and will enable SJP to capitalise on the scale of long-term market opportunity ahead.”
