St James’s Place (SJP) continues to bounce back from a Covid-induced hit to its assets under management in Q1 after reporting net inflows of £670m last month.
The wealth manager’s latest AUM update for the month of May revealed its total assets under management stood at £112.6bn, compared with £105.8bn at the same point in 2019.
May’s net inflow was, however, slightly down compared with April’s £800m and the £730m recorded for May 2019.
But net inflows for the first five months of this year were £3.9bn compared with £3.7bn for the same period in 2019.
In April, the firm announced it was slashing its final dividend by a third as a result of the Covid crisis which dragged its assets down 13% in the first three months of the year, from £117bn to £101.7bn.
SJP chief executive Andrew Croft (pictured) said gross flows in May were “robust” despite the continuing challenges presented by Covid-19.
“Retention of existing client investments remains particularly strong, providing for a net inflow for the month of £0.67bn. Funds under management benefitted from both these positive net inflows and the continuing recovery of world stock markets, to end the month at £112.6bn.
“We remain encouraged by the inflows we are continuing to experience and expect June gross inflows to be similar to May, though the short to medium-term impact of Covid-19 and economic volatility on our flows remains uncertain.”
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