SJP books £2bn net inflow as assets hit £153.6bn

Discretionary fund management saw £430m of new money

Andrew Croft SJP
Andrew Croft


St James’s Place (SJP) funds under management (FUM) recovered to £153.6bn in the first quarter of 2023 after slipping to £148.4bn last year.

A net £2bn flowed into the wealth manager’s strategies over the three months to 31 March, mainly through the £1.5bn added to its pensions offerings in the quarter.

Andrew Croft (pictured), SJP chief executive officer, said: “I am pleased to announce another good quarter for SJP, with our advisers attracting £4.17 billion of new client investments to the business. While lower versus a very strong first quarter outturn in 2022, these gross inflows represent growth against the final quarter of last year.”

“This outcome for both gross and net flows is testament to the scale of ongoing demand for trusted face-to-face advice, the long-term nature of our client proposition and the strength of adviser-client relationships in all environments,” he added.

Taking a divisional view, SJP’s investments sector saw FUM rise to £34bn from £33.3bn, while a net £20m flowed into its strategies.

The wealth manager’s discretionary fund management business recorded £430m net inflows in the quarter, alongside FUM climbing to £42.5bn from £41.2bn at the end of 2022.

Yesterday (26 April), SJP’s partner firm Gilson Gray Financial Management completed its second M&A deal of the year, acquiring Fife-based RS Robertson Financial Planning for an undisclosed sum.

Earlier in April, SJP announced the appointment of Legal & General’s head of retail multi-asset funds Justin Onuekwusi as CIO.

See also: SJP posts second-best year for inflows despite £5bn FUM drop

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